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LONDON: Robusta coffee futures fell to their lowest in almost 2-1/2 years on Monday while white sugar prices rose in thin trade, with US markets shut for the Labor Day holiday.

COFFEE

November robusta coffee ended down $12, or 0.8 percent, at $1,489 a tonne after dipping to a low of $1,484, the weakest for the benchmark second month since April 2016.

Dealers said funds were continuing to increase a net short position against the backdrop of ample supplies and bearish chart formations.

They noted, however, that the market was becoming heavily oversold, raising the possibility of a short-term rebound in the near future.

Dealers noted that the weakness of the arabica market - where prices are around their lowest in 12 years - was also exerting downward pressure of robusta futures.

SUGAR

October white sugar ended $1.90, or 0.6 percent, higher at $327.80 a tonne.

Dealers said that lower production in the European Union this season after adverse weather could help to tighten supplies of white sugar.

"The market's concerns about beet crops in Europe continue to trigger whites buying," said Commonwealth Bank of Australia analyst Tobin Gorey.

Much of the volume was rolling forward of positions out of October into December ahead of the former contract's expiry at the end of next week.  * Brazilian foreign trade chamber CAMEX approved the opening of consultation within the World Trade Organization about safeguards imposed by China on sugar imports, Brazil's Agriculture Ministry said in a statement on Friday.

COCOA

December London cocoa finished with a decline of 20 pounds, or 1.2 percent, to 1,668 pounds a tonne, erasing most of the previous session's gains.

Dealers said that a generally favourable outlook for 2018/19 main crops in West Africa continued to limit the scope for any advance in prices.

A new wave of small cocoa pods is growing on trees in top producer Ivory Coast ahead of the October-to-March main crop harvest despite below average rainfall last week, farmers said on Monday.

The International Cocoa Organization on Friday made an upward revision to its forecast for the size of a global cocoa surplus in 2017/18.

Copyright Reuters, 2018
 

 

 

 

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