New York coffee tumbles, sugar climbs

ICE arabica coffee tumbled in its biggest one-day fall in nearly three months on Monday, surrendering Friday's steep gains to investor and origin selling, while white sugar continued to outperform the raws and closed higher. Cocoa eased in choppy trade, with the London market paring early losses after hitting a 21-month low, as dealers focused on the narrow difference between London and New York futures prices.
Arabica coffee roasters were viewed as well covered after buying into falling prices in recent weeks, while origin and investor selling picked up. ICE July arabica coffee dropped 10.45 cents, or 3.9 percent, to close at $2.6050 per lb, the spot contract's biggest one-day percentage fall since March 15. The contract fell below the 100-day moving average and dropped to a session low at $2.5950 a lb. ICE July raws eased 0.36 cent to finish at 23.59 cents per lb. Cocoa futures were choppy with ICE September cocoa futures closing down $15 at $2,879 a tonne, in heavy volume dominated by July/September spreading ahead of the spot contract's first notice day June 17.