LONDON, Sept 1 (Reuters) - Arabica coffee and raw sugar futures on ICE eased in early trade on Thursday, tracking a setback in a wide range of commodity markets including grains and base metals.
Other financial markets, including global equities, were also losing ground with investors entering the month in one of the most bearish moods in recent times.
* Arabica coffee futures were lower with the market seen technically overbought after rising for 17 straight sessions.
* Dealers said the market remained underpinned, however, by tight supplies of high quality arabica beans.
* December arabica coffee on ICE KCc2 stood 3.80 cents or 1.3 percent lower at $2.8445 per lb at 0804 GMT after touching $2.8850 on Wednesday, the highest level for the second month since May 10.
* November robusta coffee on Liffe was off $42 or 1.8 percent at $2,291 per tonne.
* A small quantity of Vietnamese robusta from the old crop changed hands at premiums to London futures, but roasters turned their backs on beans from the next harvest due to the prospect of a bountiful supply and persistent fears of defaults, dealers said on Thursday.
* The Swiss Coffee Trade Association plans to alert Swiss and Vietnamese authorities to defaults on coffee contracts by local Vietnamese exporters, which have cost the coffee industry millions of dollars, the president of the association said on Wednesday.
* Raw sugar futures were also slightly lower.
* Dealers said the market continued to derive support from downward revisions to the crop outlook in top producer Brazil and the prospect of strong import demand from China over the coming months.
* A favourable crop outlook in the European Union and Black Sea region has, however, tempered the bullish mood.
* October raw sugar futures on ICE SBc1 were off 0.03 cent or 0.1 percent at 29.65 cents a lb. The front month peaked at a contract high of 31.85 cents a lb last week.
* October white sugar futures on Liffe fell $0.80 to $770.00 per tonne.
* The state-run Thai Cane and Sugar Corp (TCSC) will hold a tender to sell 54,000 tonnes of raw sugar from the 2011/12 and 2012/13 crops next week, a senior TCSC official said on Thursday.
* ICE cocoa futures were slightly higher, supported by growing sentiment that the upcoming main crop in top producer Ivory Coast is likely to dip below this season’s level.
* The scope for a significant run-up, however, appeared limited with supplies ample following a large global surplus in the 2010/11 season.
* December cocoa on ICE was up $10 or 0.3 percent at $3,123 per tonne.
* The scarcity of migrant workers and continued insecurity in Ivory Coast’s main cocoa growing areas may hit the size and quality of the up-coming main crop harvest, farmers said on Wednesday.
* Financial markets kicked off September in a cautious mood on Thursday with European stocks lower and world equities struggling to keep up what would be a five-day winning streak.
* Brent crude rose to a one-month high above $115 on Thursday after China’s manufacturing rebounded in August, stoking expectations that growth in the world’s largest energy consumer will offset slowing industrialised economies.
* The yen fell broadly after dollar buying by Japanese accounts spurred more broad-based purchases of the greenback, at one point lifting it above 77 yen and soothing jitters that another round of intervention by Tokyo may soon be on the way. (Reporting by Nigel Hunt; editing by James Jukwey)