New York Futures: Arabica Coffee Futures decline, Raw Sugar rises to a more than two-week High

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New YORK / London (Reuters)-ICE Arabica coffee futures slipped on Monday, nearing a 13-year low hit last week as the market struggled to digest excess supply. Raw sugar prices rose to their highest level in more than two weeks.

In May, Arabica coffee closed down 0.95 cents, or 1%, at 96.85 cents per pound, a second consecutive day of light trading.

Earlier, the contract fell as low as 96.30 cents a pound, close to a 13-year low of 94.65 cents hit last week.

Arabica coffee is under pressure, especially in Brazil, the largest grower, which had a record harvest last year because of a global oversupply.

Brazil's production outlook also looks good this year, although this year will be off-season in the country's biennial crop cycle.

In May, Robusta coffee closed flat from the previous day, closing at $1485 a tonne. The contract fell to a two-year low of $1463 the previous trading day and was also weighed down by ample global supply.

May raw sugar futures closed up 0.32 cents, or 2.6%, at 12.84 cents a pound, after hitting a high of $12.87 since March 1.

May sugar futures closed up $6, or 1.8%, at $346.70 a ton.

New York cocoa futures for May closed down $1, or 0.1%, at $2196 a tonne. London May cocoa futures closed down £2, or 0.1%, at £1654 a tonne.