Below overnight recap:
• ICE raw sugar futures dropped to a six-month low on Thursday as global oversupply and heavy stocks offset a slowdown in the pace of harvesting in Brazil.
• Benchmark October raw sugar on ICE Futures U.S. closed down 0.11 cent, or 0.7 percent, at 15.91 cents after dipping to 15.84 cents, the front-month's lowest since Feb. 18.
• Cosan SA, Brazil's largest sugar and ethanol producer, said it was foregoing sales of sugar for better conditions later in the 2014/15 year, when supplies are expected to tighten after an early end to the harvest.
• In the face of hefty nearby supplies, traders shrugged off this week's data from Brazil's cane industry group Unica that showed rains hampered harvesting this month.
• October refined white sugar on Liffe finished down $2, or 0.5 percent, at $430.60 per tonne.
• On FX front, U.S. dollar recovered from early losses on Thursday in generally thin trading, boosted by gains on Wall Street as tensions eased in Ukraine and the Middle East, gave dollar denominated commodities market some support.
• Political worries waned overnight after Russian President Vladimir Putin said Russia would stand up for itself but not at the cost of confrontation with the outside world, striking a conciliatory tone after months of tough rhetoric aimed at Ukraine.
New York Oct Raw 2014 (SBV4):
• Market poised to seek the 2014 low at 15.72 after breaking the important support at 16
• The market inched back into an oversold market with RSI below 30