Coffee, Cocoa Gain as Sugar Declines
Robusta coffee continued rallying in London after an increase in purchases by industrial buyers such as roasters.
Robusta coffee for May delivery increased by 2 percent or $48 to $2,492 a metric ton on London's liffe exchange.
Coffee beans used for instant coffee and espresso has increased by 31 percent this year.
Coffee had posted a 12 percent decline on March 14 and 17 as the U.S. credit crisis prompted commodity investors to sell assets to raise cash.
According to the International Coffee Organization, global production in the year through September will fall short of demand by 7.2 million bags.
White sugar for May delivery declined by 1.3 percent or $4.30 to $334 a ton.
Sugar has increased by 6 percent this year.
Raw sugar traded in New York has increased by 13 percent this year, reaching the highest record of 15.07 cents a pound on March 3.
Sugar supply was forecasted to exceed demand by 1.9 million metric tons in the next season compared with a 10 million ton surplus in the current crop year.
Cocoa for May delivery increased by 2.5 percent, or 35 pounds, to 1,450 pounds ($2,898) a ton on Liffe exchange.
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