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New York cocoa prices fall more than 10%; coffee rises sharply



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Adds comments on cocoa, updates prices

NEW YORK, June 24 (Reuters) - New York cocoa futures on ICE fell more than 10% on Monday as speculators liquidated part of their long positions, while coffee contracts posted large gains.

COCOA

* September New York cocoa CCc2 settled down $985, or 11.1%, to $7,920 a metric ton. The contract lost 8% last week.

* September London cocoa LCCc2 fell 9.6% to 6,617 pounds per ton, after losing 9% last week.

* Dealers said there was liquidation by speculators after the weak performance for cocoa futures last week.

* "We broke below 20-day and 50-day moving averages, so it was probably profit taking in a thin market," said a U.S.-based broker.

* There was nothing new on the fundamentals, dealers added, which remain supportive.

* "The market is extremely tight, leading to the lowest stock to consumption ratio at the end of the current season that we have ever seen," said a second broker.

* Dealers said the outlook for 2024/25 crops in West Africa remained uncertain with pod-counting surveys under way.

* Poor crops in Ivory Coast and Ghana this season will ensure the market begins the 2024/25 season with very low stocks, increasing the importance of next season's harvests.


COFFEE

* September robusta coffee LRCc2 rose 3.6% at $4,252 a ton, climbing back towards a record peak of $4,394 set earlier this month.

* Dealers said exports from top robusta grower Vietnam were running well below year-ago levels so far this month after a steep year-on-year decline in May.

*Vietnamese coffee growers have been hit hard by the worst drought in nearly a decade.

* Dealers also said that shipping delays in Brazil were limiting the flow of conillon (robusta) coffee and helping to tighten supplies in major consuming countries.

* September arabica coffee KCc2 rose 5% at $2.3625 per lb.

SUGAR

* July raw sugar SBc1 settled up 0.44 cent, or 2.3%, at 19.41 cents per lb.

* Sugar producer Tereos expects to crush about the same amount of sugarcane in Brazil during the 2024/25 harvest as in the previous cycle despite a drought in the country's key production area, an executive said on Monday.

* August white sugar LSUc1 rose 2.1% at $570.10 a ton.



Reporting by Nigel Hunt and Marcelo Teixeira; Editing by David Goodman, Alexander Smith and Alan Barona

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