US: Cocoa drops to one-month low, sugar retreats on bank collapse fears

NEW YORK/LONDON (Reuters) - Cocoa futures on the ICE exchange fell to one-month lows on Tuesday as a technical sell-off persisted, while raw sugar retreated following market turmoil caused by the collapse of three banks in the United States in less than a week. COCOA * The New York May contract closed down $5, or 0.2%, to $2,658 a tonne. Previously, it fell to 2,625 a tonne, the lowest since Feb. 13. * Fitch Solutions has revised its 2023 average cocoa price forecast by $120 a tonne to $2,500, citing a 7.9% drop in its forecast for Ghana's production in the 2022/23 season (October-September) . SUGAR * The May raw sugar contract dropped 12 cents, or 0.6%, to settle at 20.68 cents a pound. * Traders say sugar shows good resilience given the gloomy macroeconomic picture. This suggests that bullish fundamentals, such as the prospect of lower production, remain a driving factor for the market, they say. * May white sugar fell $1.30, or 0.2%, to $581.30 a tonne. COFFEE * May arabica ...