A focus on largest global sugar importer India’s imports after the country raised its import tax pressured prices, said Peter Mooses, senior market strategist for RJO Futures in Chicago.
“Expectations that the global sugar market will lift into a surplus for the 2017-18 season limited prices,” Mooses added.
Cocoa prices extended gains on worries that rains in the top-growing region West Africa may have caused damage to the current crop, Mooses said.
“If we don’t see heat to dry out the crop, it’ll probably carry through and continue with the rally,” Mooses said.
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