LONDON: Raw sugar prices on ICE hit a two-week low on Monday as oil prices fell and supply tightness in refined white sugar continued to ease.
Falling oil prices encourage cane mills in Brazil to ramp up sugar output at the expense of cane-based ethanol.
October raw sugar were down 0.08 cents, or 0.7%, to 11.68 cents per lb at 1318 GMT, having hit a two-week low of 11.66.
August white sugar fell $1.50, or 0.5%, to $333.90 a tonne, having hit its lowest mark in 2-1/2 months.
"Prompt white sugar, far from being in deficit, is unwanted and (Brazilian) mills are continuing to make maximum sugar ... But (raw) sugar remains obstinately attached to the price of crude, and the funds are in full buying mode," Marex Spectron said in a note.
Speculators raised a net long position in ICE raw sugar in the week to July 7 by 16,394 contracts to 62,315 contracts, CFTC data showed.
September London cocoa fell 3 pounds, or 0.2%, to 1,575 pounds per tonne, having hit a more than 1-1/2 year low last week.
September New York cocoa rose $30, or 1.4%, to $2,190 a tonne.
Speculators increased their net short position in New York cocoa by 8,724 contracts to 23,745 contracts in the week to July 7.
Ivory Coast Vice President Daniel Kablan Duncan has resigned, further unsettling the political outlook days after the sudden death of Prime Minister Amadou Gon Coulibaly, President Alassane Ouattara's preferred successor.
Ivory Coast cocoa processors ground 422,000 tonnes of beans in the nine months to end-June, up from 409,000 tonnes, data showed.
Cocoa arrivals at Ivory Coast ports reached 1.986 million tonnes between Oct. 1 and July 12, down 5.9% from the same period last season.
September arabica coffee rose 0.7 cents, or 0.7%, to 98 cents per lb.
Speculators reduced their short bet in ICE arabica coffee by 1,370 contracts to 23,843 contracts in the week to July 7, CFTC data showed.
September robusta coffee was flat at $1,197 a tonne.
Top robusta producer Vietnam's coffee exports in June fell 2% from May.
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