OREANDA-NEWS. February 06, 2015. Sugar futures dipped on Thursday, under pressure from high stocks and talk that India could soon launch raw sugar export incentives, while cocoa steadied yet remained in sight of a one-year low set earlier this week.

Arabica coffee futures edged down on chart-based selling with a focus on forecasts for rainfall in top grower Brazil.

Raw sugar futures eased with March down 0.06 cent, or 0.4 percent, at 14.39 cents a lb at 1453 GMT, within sight of a one-month low of 14.10 cents a lb touched on Monday.

"The 14.00/15.00 cents range continues in place and we are entering the pre-delivery phase for both March raws and whites," said Nick Penney, senior trader with Sucden Financial Sugar.

"Now that the speculative position is near flat, talk will centre on availability for the expiries and whether there is any receiver(s) prepared to take the sugar up."

The New York March raw sugar contract expires on Feb. 27. London March white sugar expires on Feb. 13.

March white sugar futures were down \\$0.50 or 0.1 percent at \\$377.20 per tonne.

"The market is in a range and will be influenced by movements in the Brazilian real. Sentiment over the expected approval of Indian raw sugar export incentives, will keep a cap on the market," a senior trade source said.

March New York cocoa on ICE was down \\$1, or 0.04 percent, at \\$2,723 a tonne, trading near Monday's one-year low at \\$2,669.

One London-based dealer talked of a combination of chart-based buying in a correction from the one-year low, as well as concerns over recent weak purchasing data in Ghana and reports that a strong Harmattan dry wind had swept through the country.

"Crop development in Ghana may have had a slight downturn," the dealer said.

Benchmark May London cocoa futures were down 4 pounds, or 0.2 percent, at 1,889 pounds a tonne.

March arabica coffee dipped 0.25 cents, or 0.15 percent, to \\$1.6465 per lb.

May robusta coffee futures traded down \\$6, or 0.3 percent, at \\$1,955 a tonne.

"Building on near-term support, further moves on the upside will look to target resistance towards \\$2,000 before we see futures attempt to test levels towards \\$2,030," said Kash Kamal, research analyst with Sucden Financial.