US: Cocoa prices recover in New York, raw sugar reaches lowest level in 18 months

New York ICE cocoa futures rose on Tuesday, recovering some ground after the previous session's sharp decline, while raw sugar prices fell to an 18-month low. COCOA * July cocoa in New York closed up $156, or 2.2%, at $7,322 per ton. Prices fell nearly 20% on Monday. * Dealers said prices remain extremely volatile as the market seeks to build a base after falling about 40% from a record high of $11,722 on April 19 to a low of $6,990 on May 3. * Noted that fundamentals remain supportive, with a large global deficit widely predicted in the current 2023/24 season following poor harvests in Côte d'Ivoire and Ghana. * July cocoa in London rose 2.5% to £6,149 per tonne. SUGAR * July raw sugar recovered in the final moments of the session to close up 0.24 cents, or 1.3%, at 18.87 cents per pound. The contract hit an 18-month low of 18.31 cents earlier. * Traders said the strong pace of sugar production in Brazil's important south-central region was weighing on prices, albeit with ...