London cocoa prices fall sharply, raw sugar edges up
LONDON, Sept 27 (Reuters) -London cocoa futures on ICE fell sharply on Wednesday, weighed down partly by concerns that the recent rise in prices may be curbing demand, while raw sugar prices edged higher.
* March London cocoa LCCc2 fell 1.7% to 2,902pounds a tonne by 1352GMT.
* Dealers said concerns about weakening demand had helped to erase some of the market's recent gains and third-quarter grind data, to be issued next month, will be closely watched.
* The market remained underpinned, however, by concerns about crop disease in West Africa, the most important producing region for cocoa.
* December New York cocoa CCc1 fell 2.7% to $3,406 a tonne.
* October raw sugar SBc1 rose 0.4% to 26.12cents per lb as the market continued to consolidate just below a 12-year high set last week.
* Dealers said the market was set to remain tight in the upcoming 2023/24 season, partly due to a potential drop in output in Asia linked to the El Nino weather phenomenon.
* December white sugar LSUc1 fell 0.2%, to $709.10 a tonne.
* China will continue to hold further auctions of its sugar reserves in the near future to ensure the stability of domestic price and supply, the state's reserve management centre said in a notice on Tuesday.
* December arabica coffee KCc1 fell 1.7% to $1.4825per lb.
* Dealers said the market continued to keep a close watch on the weather in top grower Brazil where rains are needed in coming weeks to aid flowering.
* November robusta coffee LRCc1 fell 0.6% to $2,442a tonne.
Reporting by Nigel Hunt; Editing by Maju Samuel
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