LONDON: New York cocoa futures fell on Tuesday, retreating from the prior session's 1-1/2 year high, while arabica coffee prices hovered just above a nine-month low.
COCOA
May New York cocoa was down $36, or 1.4 percent, at $2,599 a tonne at 1033 GMT, after the front month hit a 1-1/2 year high of $2,647 on Monday.
Dealers said the market remained focused on the extent to which production in West Africa will fall this season.
"We believe that short-term cocoa prices have more than priced in the lower crop in West Africa stemming from the tendency of tree crops to rest the year after a large output year," Shawn Hackett, president of Hackett Financial Advisors, said in a market note.
May London cocoa was up 26 pounds, or 1.5 percent, at 1,779 pounds a tonne with the market adjusting to gains in New York on Monday when London-based contracts did not trade due to a public holiday.
COFFEE
May arabica coffee was unchanged at $1.1640 per lb. The front month fell to a low of $1.1615 on Monday, its weakest since June.
Dealers said the market was consolidating after a prolonged downtrend driven largely by the prospect of a large crop in top grower Brazil this year.
"Prices appear to be shifting lower week by week on the same news that has been public knowledge for at least the last month," INTL FCStone in Singapore said in a report.
"You would expect any sentiment on the back of this should be well priced into the market by now."
May robusta coffee was down $1, or 0.1 percent, at $1,724 a tonne.
Brazil coffee exports fell to 2.24 million 60-kg bags in March, down from 2.49 million in the same month last year, according to trade ministry data published on Monday.
SUGAR
May raw sugar was down 0.19 cent, or 1.5 percent, at 12.33 cents per lb.
Dealers said the market was back on the defensive after a shortlived bounce which took prices from a 2-1/2 year low of 12.18 cents on March 28 to a peak on Monday of 12.55 cents.
Oversupply driven partly by rising production in India and Thailand remained the main bearish influence.
"The market's momentum remains firmly negative," said analyst Tobin Gorey of Commonwealth Bank of Australia.
May white sugar rose $0.20, or 0.1 percent, to $351.40 a tonne.
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