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U.S. softs mixed; sugar fluctuates near 43-month low

Published 01/23/2014, 07:57 AM
Sugar futures fluctuate near 43-month low with ample global supplies in focus

Investing.com - U.S. soft futures were mixed on Thursday, with sugar prices fluctuating near the lowest level since June 2010 as investors continued to focus on massive global supplies of the sweetener.

On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1505 a pound, up 0.1%. Prices of the sweetener traded in a range between USD0.1501 a pound and USD0.1513 a pound.

The March sugar contract tumbled to USD0.1497 a pound on Wednesday, the lowest since June 30, 2010, before trimming losses to settle at USD0.1503 a pound, down 1.25%.

Sugar prices have been on a downward trend in recent months as market players focused on prospects for increased production out of Brazil, Thailand and India.

Meanwhile, Arabica coffee for March delivery traded at USD1.1578 a pound, up 0.9%. The March Arabica contract held in a range between USD1.1458 a pound and USD1.1608 a pound.

The March contract slumped to USD1.1425 a pound on Wednesday, the lowest since January 3, before trimming losses to settle at USD1.1485, down 1.16%.

Trading has been choppy in recent sessions as investors speculated over crop conditions and harvest prospects in top grower Brazil.

Elsewhere, cotton futures for March delivery traded at USD0.8768 a pound, down 0.2%. Cotton prices traded in a range between USD0.8753 a pound and USD0.8795 a pound.

The March contract settled 0.33% lower on Wednesday to end at USD0.8784 a pound.

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