Cocoa rebounds from 7-1/2-week lows; raw sugar turns higher
Cocoa futures rebounded after a 7-1/2-week low, with London cocoa up 2.6% to £4,060/mt by 1323 GMT. Raw sugar also turned higher after slumping to a 4-week low.
London cocoa futures recovered on Tuesday after earlier touching 7-1/2-week lows, while raw sugar also moved higher after falling to a 4-week low. COCOA* London cocoa ICEEUR:C1! 6% to £4,060 per metric ton by 1323 GMT. The market had earlier set a 7-1/2-week low of £3,799.
Dealers said the market also saw support from short covering.