Funds cut long position in sugar futures, raise in coffee: CFTC

NEW YORK (Reuters) – Speculators reduced their net long position in raw sugar futures on ICE in the week to Feb. 2, and raised their bullish bet in arabica coffee, data from the U.S. Commodity Futures Trading Commission showed on Friday.

Money managers and hedge funds cut their bullish bet in raw sugar by 6,171 contracts for the period, bringing their net long position in the sweetener to 149,896 contracts.

Speculators’ long position in arabica coffee futures increased to 22,827 in the week to Feb. 2. They also increased a bullish bet in cocoa by 1,877 contracts to 12,255 contracts, CFTC said.

Funds reduced their long position in cotton futures on ICE by 3,179 contracts for a total long of 57,290 contracts.

Source: Read Full Article