LONDON (Reuters) – ICE raw sugar futures rose on Friday as the market moved away from the one-year low set earlier this week, while Arabica coffee prices fell sharply.
* October raw sugar closed up 0.39 cents, or 2.2%, at 17.94 cents a pound.
* Dealers said the recent fund selling crisis has eased sharply, allowing sugar to begin to rebound after falling to a one-year low of 17.20 cents earlier this week.
* CFTC data showed the funds increased their short position in sugar in the week to Aug. 2.
* October white sugar rose $22.90, or 4.3%, to $550.90 a tonne.
* India will allow the export of an additional 1.2 million tonnes of sugar, a government official said on Friday.
* September Arabica coffee fell 9.85 cents, or 4.5%, at $2.0945 a pound, erasing much of the gains in the previous two sessions.
* Dealers said concern that a global economic slowdown could reduce coffee consumption remains a bearish influence, while a stronger dollar also weighs on prices.
* The growing pace of harvest in Brazil was also seen as bearish.
* The market remained supported, however, by the drop in inventories.
* November robusta coffee rose from $1 to $2,042 a tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt)
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