Cocoa futures slide as demand prospects weaken; sugar recovers
LONDON, July 25 (Reuters) -Cocoa futures on ICE fell sharply on Thursday on signs that demand is starting to react more strongly to surging prices while thin trading volumes exacerbated any price volatility.
Raw sugar recovered from a 20-month low.
COCOA
* September London cocoa LCCc1 fell 3.7% to 6,429 pounds per ton at 1220 GMT, pushing down gains for the week to around 2%, following last week's near 8% loss.
* Nestle NESN.S, the world's biggest food company, lowered its sales growth outlook as the maker of KitKat bars had to slow its pace of price hikes because consumers have become increasingly cost-conscious.
* Cocoa markets are looking for signs consumers are starting to react more forcefully to price hikes given that to date, demand for the chocolate ingredient has held up relatively well.
* Dealers said however, there remains uncertainty about next season's crop recovery, adding the supply squeeze is intact for now.
* Cocoa output in Indonesia, the world's fourth biggest exporter, is set to fall again this year as the effects of last year's El Nino weather pattern linger.
* September New York cocoa CCc1 fell 5.2% to $7,816 a ton.
SUGAR
* October raw sugar SBc1 rose 2.5% to 18.36 cents per lb, having hit a 20-month low of 17.86 cents/lb on Wednesday.
* Sugar has come under pressure from improved crop prospects in the Northern Hemisphere amid favourable monsoon rains, though there are doubts over yields and the amount of cane allocated to sugar production in top producer Brazil.
* October white sugar LSUc1 fell 0.7% at $521.90 a ton.
COFFEE
* September arabica coffee KCc1 fell 0.8% to $2.2875 per lb, settling down 7.95 cents, or 3.3%, at $2.3115 per lb, having hit a near three week low of $2.2750.
* Dealers expect July exports from top producer Brazil will near record levels, again.
* September robusta coffee LRCc2 rose 0.5% at $4,348 a ton.
* The weather in top producer Vietnam has improved strongly this month - a positive sign for next season's crop development.
* Coffee prices in top producer Vietnam fell this past week amid thin end of season trade volumes.
Reporting by Maytaal Angel; editing by David Evans
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