New York cocoa futures ended lower after hitting a 1-1/2 year high on Monday as traders booked profits, while sugar edged higher and arabica coffee prices eased.
March New York cocoa settled down $17, or 0.7%, at $2,664 a tonne after rising to a peak of $2,694, the highest for the benchmark second position since May 2018.
Dealers said a recent strengthening in nearby premiums for both New York and London cocoa had created a bullish mood with funds extending long positions in both markets.
Speculators increased net long positions in both New York and London cocoa in the week to Nov. 12, according to data issued on Friday.
Cocoa New-York and London combined recorded $416 million in bullish flows and both are extremely overbought, Societe Generale analysts said in a note Monday, citing a model.
March London cocoa was 15 pounds, or 0.8%, lower to settle at 1,929 pounds a tonne, weighed down by a strong pound.
March raw sugar rose a marginal 0.03 cent, or 0.2%, to 12.76 cents per lb.
March white sugar rose by $3.60, or 1.1%, to $340.30 a tonne.
A total of 43,000 tonnes of Brazilian white sugar has been tendered against the December contract on ICE Futures Europe, exchange data showed on Monday.
March arabica coffee fell 0.45 cent, or 0.4%, to $1.0920 per lb.
January robusta coffee fell $26, or 1.9%, to $1,372 per tonne.