Sugar prices slip

NEW YORK, Apr 28 (Business Recorder): Raw sugar futures closed lower Thursday with the market sliding back towards a six-month low set early last week, weighed by an improving supply outlook. Trade sources cited stronger-than-expected sugar production in top grower Brazil and No 2 exporter Thailand as well as the prospect of further unrestricted exports from India. Arabica coffee futures reversed to close up a shade in choppy and light dealings, remaining close to a 34-year top set a week ago. Cocoa jumped as the pound rallied and players awaited developments on further shipments and the mid-crop in top grower Ivory Coast. May raws on ICE fell 0.39 cent or 1.6 per cent to close at 24.55 cents a lb, just up from its six-month low of 24.00 cents hit early last week. July dropped 0.28 cent to end at 22.96 cents. A sharp rise in output in Thailand had weighed on cash premiums and could lead to the delivery of Thai raws against the May raw sugar contract on ICE which expires Friday, dealers said. Open interest in the May contract was above 50,000 lots by April 26. Uncertainty about the quality of Thai raws could weigh on nearby premiums, dealers said.