Arabica coffee futures hit a three-and-a-half-week low

New YORK / London (Reuters)-ICE Arabica coffee futures tumbled 6% to a three-and-a-half-week low on Monday as showers in Brazil, the largest grower, allayed fears that drought would damage crops, prompting investors to close their positions.

ICE raw sugar futures climbed on news that Santos, a major Brazilian raw sugar export port, caught fire. Cocoa futures rose slightly.

In recent months, ICE- December Arabica coffee futures closed down 11.25 cents, or 5.3%, at $1.9940 a pound, plummeting to $1.9720 in intraday trading.

Sporadic showers are beginning to ease the hot and dry weather in Brazil's coffee beans and sugar cane belt.

Traders said that this round of rain, and forecasts of more rain in the future, prompted speculators to close their positions, and stop-loss selling was triggered to amplify the decline.

Liffe- November Robusta coffee futures closed down $68, or 3.2%, at $2049 a tonne.

ICE- March raw sugar futures closed up 0.06 cents, or 0.4%, at 16.68 cents per pound. Liffe- December sugar futures closed up $1.70, or 0.4 percent, at $427.70 a tonne.

ICE- December cocoa futures closed up $2, or 0.6%, at $3120 a tonne. Liffe- December cocoa futures closed up 6 pounds, or 0.3%, at 2028 pounds a tonne.

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