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New YORK / London (Reuters)-ICE raw sugar and Arabica coffee futures fell after hitting an one-week high on Friday as the Brazilian real gave up earlier gains as short covering dried up, traders said.
In July, raw sugar closed down 0.06 cents, or 0.5%, at 11.72 cents per pound, after hitting an one-week high of 12.15 cents earlier in the day.
This week, the contract fell 2.4%, closing down for the third consecutive week.
Traders say macroeconomic concerns are putting pressure on the sugar market as the US raises tariffs on Chinese goods.
ICE- white sugar fell $1.10, or 0.3%, to $323.60 a tonne in August.
Arabica coffee closed down 0.05 cents, or 0.1%, at 90.80 cents a pound in July, after hitting an one-week high of 91.40 cents.
On Tuesday, the contract fell to a 13-and-a-half-year low of 87.60 cents.
In July, Robusta coffee closed up $19, or 1.4%, at $1364 a tonne, after hitting an one-week high of $1372.
On Wednesday, Robusta coffee futures fell to a nine-year low of $1267.
Still, Robusta coffee futures are up 1.4% this week after falling for six consecutive weeks.
In July, the new York cocoa contract closed down $24, or 1%, at $2312 a tonne. This week, the contract fell 2.7 per cent, its worst performance in more than two months.
In July, London cocoa closed down 11 pounds, or 0.6%, at 1710 pounds a tonne. The contract is down 3.1% this week.
