(ICE corrects cotton settlement in last paragraph.)
Nov. 18 (Bloomberg) -- Raw sugar advanced for the first time in six sessions, ending the longest slump in almost three months, as importers increased purchases. Cocoa and arabica coffee also rose, while cotton and orange juice declined.
Egypt’s state-run Sugar and Integrated Industries Co. bought 50,000 metric tons of Brazilian raw sugar from ED&F Man for arrival in the second half of January. Iraq is seeking to buy 50,000 tons of refined sweetener from all origins except Thailand, the trade ministry said. The Bloomberg Dollar Index, a gauge against 10 major trading partners, weakened for a second session.
“Three things are pushing prices higher: the purchases, the oversold condition and a weaker dollar,” George Kopp, a senior market-analyst at International Futures Group in Greenville, South Carolina, said by telephone today.
Raw sugar for March delivery gained 1.1 percent to settle at 17.75 cents a pound at 1:38 p.m. on ICE Futures U.S. in New York. Prices tumbled 10 percent in the four weeks through Nov. 15 on signs of ample supplies.
The commodity’s 14-day relative strength index was at 29.49 on Nov. 15. A reading below 30 is seen by some traders and analysts as a sign a security is oversold and may rise.
Cocoa futures for March delivery climbed 1.8 percent to $2,780 a metric ton in New York. Arabica-coffee futures for March delivery rose 0.3 percent to $1.0945 a pound on ICE.
Cotton futures for March delivery slipped 0.6 percent to 77.71 cents a pound in New York. Orange-juice futures for January delivery declined 0.2 percent to $1.38 a pound.
--Editors: Millie Munshi, Thomas Galatola