LONDON: Arabica coffee futures fell on Monday, dropping further from a record high set this month, while cocoa edged up after the previous session’s steep decline.

Coffee

Arabica coffee was down 1.05% at $3.8505 per lb by 1147 GMT, extending last week’s decline.

Dealers said prices had fallen significantly from a record high of $4.2995 set this month, with funds scaling back long positions and roaster buying interest drying up.

Robusta coffee was down 1.6% at $5,623 a metric ton.

Arabica coffee prices ease, heading for weekly loss

Cocoa

New York cocoa futures rose 1.2% to $9,248 a ton as the market found support after falling 11% on Friday.

Dealers said fund selling had triggered a sharp decline in prices on Friday against the backdrop of a weak demand outlook.

Cocoa arrivals at ports in top grower Ivory Coast since the start of the season on October 1 had reached 1.368 million metric tons by February 23, up 17.6% from the same period last season, exporters estimated on Monday.

London cocoa gained 0.7% to 7,457 pounds a ton.

Sugar

Raw sugar futures lost 0.3% to 21.25 cents per lb.

Dealers said the expiry of the March contract on Friday would be a major focus this week.

Tight global supplies have heightened interest in receiving sugar against the contract and there are early estimates that the volume could be between 1.5 million and 2.0 million tons.

Speculators reduced their bearish bets in raw sugar futures on ICE U.S. in the week to February 18, the Commodity Futures Trading Commission (CFTC) said on Friday.

White sugar lost 0.4% to $558.10 a ton.