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NEW YORK: Raw sugar and arabica coffee futures closed down on Monday on ICE as the markets consolidated after a recent run-up for both commodities. The London market for white sugar, robusta coffee and cocoa was closed due to a bank holiday.

July raw sugar settled down 0.25 cent, or 1.5%, at 16.73 cents per lb.

The physical delivery of sugar against the expiry of the May contract reached 11,351 lots, or around 576,660 tonnes, with main ports of delivery being Santos and Paranagua in Brazil, the ICE said on Monday.

Broker Marex Spectron sees a solid floor at 16 cents, a level when Indian exporters would pause and Brazilians would consider making less sugar. It sees a “fragile” ceiling at 18 cents, as the market has limitations to supply more sugar.

Two analysts, StoneX and JOB, released new estimates on Monday, seeing a smaller Brazil cane crush, but projecting a not as large fall in sugar production.

July arabica coffee settled down 1.2 cent, or 0.8%, at $1.4025 per lb. It hit its highest since February 2017 at $1.4765 last week.

Dealers said the market appeared overbought after the recent rise, leading some investors to take profit.

But they added there is strong support at current levels since winter is approaching in Brazil and any strong frost would be disastrous for a market that is already tight.

Brazilian brokers said the physical market has been relatively active after the recent rise, as prices in the local currency continue very attractive and heading towards the “magical number” of 1,000 reais per 60-kg bag.

July New York cocoa settled down $13, or 0.5%, to $2,369 a tonne, the lowest price since November.

Cocoa continues to underperform relative to other commodities with the market expected to show a wide surplus.

Climate42 sees a decent outlook for the mid-crop in Ghana, the world’s second largest producer.

“With the exception of Ashanti and Brong Ahafo, the trees are bearing more pods than last year and are in line with or above the 5-year average — a decent, but not exceptional pod load compared to the longer-term norm,” it said.