NEW YORK/LONDON: Raw sugar futures fell 4 percent on Wednesday, slipping further away from Monday’s one-month high as the spot spread weakened and the Brazilian currency pared gains after tapping a 13-month high.

New York cocoa futures rose to a three-week top, turning higher in a wide trading range after breaching the key $3,000 level. Arabica coffee fell along with sugar as dealers focused on the September/December spread, which matched Tuesday’s lowest level in more than two years.

ICE October raw sugar settled down 0.75 cent, or 3.7 percent, at 19.64 cents per lb, after falling 4 percent to 19.57 cents. The front month had risen to a one-month high of 20.92 cents on Monday, with the psychological 21-cent level forming technical resistance.

“Prices are back under pressure with what look like a series of sell-stops getting triggered as October moved below 19.90 (cents),” said sugar consultant Agrilion in a note.

The October/March spread weakened for the third straight day and reached a 0.48 cent discount, the widest in 11 weeks.

Brazil’s real pared losses after rising to the highest against the dollar in 13 months.

Dealers said that sugar had continued to flow out of Brazil despite the currency move which makes dollar-denominated sales less attractive for producers in the world’s top grower of both sugar and coffee.

The market shrugged off an estimate for a 40 percent year-over-year drop in sugar output in India’s Maharashtra state.

October white sugar settled down $18.90, or 3.4 percent, at $530.50 per tonne, after sell-stops were triggered below $539, traders said.

In cocoa, the New York market traded in a range wider than the past three sessions, accelerating after rising above the key $3,000 level and 100-day moving average.

December New York cocoa settled up $52, or 1.8 percent, at $3,005 per tonne, while December London cocoa

settled up 35 pounds, or 1.5 percent, at 2,385 pounds per tonne.

London cocoa futures were dominated by spread trading as funds rolled forward positions out of September and into December, traders said.

Arabica coffee prices also fell with December ending down 2.4 cent, or 1.7 percent, at $1.4235 per lb.

September robusta coffee settled down $1, or 0.05 percent, at $1,818 per tonne.—Reuters