LONDON: Raw sugar futures on the ICE exchange fell on Monday as the market consolidated recent gains linked to supply tightness and weather concerns, while cocoa headed back up.
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Sugar
October raw sugar fell 1.6% to 23.94 cents per lb? at 1240 GMT, having hit a two-week high on Friday?.
Dealers said the market is underpinned by concerns that the El Nino weather event is starting to bite in key producers India and Thailand, but added this is to some extent priced in.
Raw sugar speculators cut their net long position by 4,344 contracts to 85,435 in the week to July 11, data showed.
October white sugar fell 1.4% to $676.20 a metric ton.
White sugar speculators raised their net long position by 1,655 lots to 14,240 lots as of July 11, data showed.
Cocoa
September London cocoa ??rose 0.5% to 2,511 pounds per metric ton.
Dealers said recent data on the cocoa grind, a measure of demand, shows processing is to some extent shifting from Europe to Ivory Coast, rather than falling outright.
The North American grind is scheduled for July 20.
London cocoa speculators cut their net long position by 3,425 lots to 88,109 lots as of July 11, data showed.
September New York cocoa dipped 0.1% to $3,348 a metric ton.
New York cocoa speculators cut their net long position by 1,586 contracts to 47,566 in the week to July 11, data showed.
Coffee
September arabica coffee fell 2.2% to $1.5720 per lb.
Arabica coffee speculators increased their net short position by 2,819 contracts to 13,342 in the week to July 11, data showed.
September robusta coffee rose 0.5% to $2,554 a metric ton.
Robusta coffee speculators cut their net long position by 1,816 lots to 38,810 lots as of July 11, data showed.
Source: Brecorder
