3 Min Read
(Updates with closing prices, milestones, market comment; adds NEW YORK dateline)
NEW YORK/LONDON, July 10 (Reuters) - Raw sugar on ICE Futures U.S. dropped the most in more than a month on Monday, as a corrective rally faltered and gave way to technical selling and as top consumer India moved to curb imports.
New York cocoa extended a four-day slide and arabica coffee on ICE was also down.
* ICE October raw sugar settled down 0.59 cent, or 4.17 percent, at 13.56 cents per lb after falling as low as 13.51 cents.
* A lack of demand pushed prices towards 14 cents, triggering sell-stops, dealers said.
* India raised raw sugar import taxes to 50 percent from 40 percent, a bid to curb imports and protect domestic producers.
* "You may see with this weakness, that (the funds) continue to add to" their large short position, said Phillip Streible, senior commodities broker for RJO Futures in Chicago, said of the move.
* While the move was expected, it confirmed that further imports would likely be refined, not raw, sugar.
* August white sugar finished down $13.10, or 3.1 percent, at $405 per tonne, the largest one-day rout for the front-month since late April.
* Prices reversed course from an over five-week high touched on short-covering ahead of Friday's expiry.
* September New York cocoa hit a 2-1/2-week low of $1,815 and settled down $34, or 1.82 percent, at $1,838 per tonne.
* September London cocoa settled down 24 pounds, or 1.61 percent, at 1,465 pounds per tonne, after hitting a two-month low of 1,446 pounds.
* Favorable weather in top grower Ivory Coast and a higher pace of port arrivals relative to the previous season kept supply prospects favorable and prices under pressure.
* European grind figures were due out on Tuesday, with dealers expecting a rise of roughly 2 to 3 percent.
* "Traders are anticipating better grind data, but the weather has been good in the Ivory Coast," said Jack Scoville, a vice president with Price Futures Group in Chicago.
* September robusta coffee settled down $11, or 0.52 percent, at $2,100 per tonne, after hitting a low of $2,074.
* September arabica coffee settled down 0.3 cent, or 0.23 percent, at $1.286 per lb.
* Traders awaited the July expiry for signs whether coffee would be delivered to roasters or remain in certified stocks.
* Weaker technicals paved the way for a correction lower, as sluggish industry demand weighed, dealers said. (Reporting by Renita D. Young and Chris Prentice in New York and Ana Ionova in London; Editing by David Evans and James Dalgleish)