White sugar prices fall on weak euro, New York cocoa rebounds

White sugar futures fell on Thursday weighed by selling by European producers as a decline in the value of the euro made dollar-based prices more attractive in local currency terms. August white sugar fell $4.60, or 1.3 percent, to $348.80 a tonne by 1329 GMT.
Dealers said initial weakness in the whites market then triggered losses in raws. July raw sugar was down 0.18 cent, or 1.4 percent, to 12.33 cents per lb.
"This (the decline) is about the whites and an opportunity for some decent pricing by EU producers," one dealer said.
The euro was on track for its biggest one-day loss since October.
September New York cocoa was up $40, or 1.7 percent, at $2,431 a tonne.
Futures fell sharply in the prior session, pressured by long liquidation and chart-driven speculative selling, dealers said.
Prices recovered most of those losses on Thursday, with dealers pointing to arbitrage-driven speculative buying as a supportive factor for New York cocoa.
Spot New York cocoa's unusual premium over its London equivalent - which touched record levels in April - climbed back up above $200 per tonne on Thursday. Last week, it had eased to roughly $94.
The market was also supported by some light buying from cocoa processors looking to take advantage of lower prices.
"They (industry buyers) have sat on the sidelines for some time and drawn down cover, as the market ran away on the upside," a dealer said. "With the market revisiting these lows, some have gotten involved again."
September London cocoa rose 24 pounds, or 1.4 percent, to 1,734 pounds a tonne.
September robusta coffee was up $4, or 0.2 percent, at $1,697 a tonne, just above a 2-1/2 month low set in the prior session.
The market was pressured on Wednesday by speculative and producer selling that was met with weak buying interest from roasters.
Prices attempted a rebound in early trade on Thursday but lost momentum amid enduring lacklustre appetite, dealers said.
Domestic coffee prices in top robusta grower Vietnam hit a 25-month low on Thursday, tracking a fall in global prices, traders said. September arabica coffee fell 0.70 cents, or 0.6 percent, to $1.1790 per lb.