LONDON: New York cocoa slips to weakest in five years, with the market weighed by worries about over-supply and a stronger dollar.
COCOA
New York March cocoa down $19, or 0.93 percent, at $2,028 a tonne at 1236 GMT. The front month dipped to a low of $2,024 in earlier trading, it's weakest since January 2012.
The market was weighed by a global supply glut, as well as uncertainty over how much cocoa is affected by a wave of export contract defaults in Ivory Coast.
"They are not letting the market find out exactly what the exposure is to some of the big local exporters," said one cocoa dealer. "Potentially, a lot of unhedged cocoa could still be on the books." Prices were also weighed by a stronger dollar
May London cocoa was down 8 pounds, or 0.48 percent, to 1,668 pounds a tonne.
COFFEE
Robusta coffee futures lower, with March down $12, or 0.55 percent, at $2,169.
Speculators recently scaled back a large net position, dampening a rally that lifted prices near to a five-year high.
Brazilian government said Monday it will make a new evaluation of robusta coffee stocks, signalling a decision on whether to allow imports could be delayed.
Farmers in Vietnam hold onto beans amid sluggish prices and low stockpiles after the Lunar New Year holiday, traders said.
March arabica coffee down 0.30 cents, or 0.21 percent, at $1.439 per lb.
SUGAR
Raw sugar futures ease after a mixed session the previous day, when the front month rose to its highest since November but slumped after stumbling on a key resistance level.
March raw sugar futures fell 0.12 cents, or 0.57 percent, to 21.06 cents per lb.
March white sugar down $2.60, or 0.47 percent, at $551.20 a tonne.
The market continued to monitor India, where poor production and high domestic prices have stoked expectations that the world's top sugar consumer could lower import duties.
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