Coffee slides on Brazil rains, EU law delay; sugar also down
Adds comments on coffee, updates prices to settlement
NEW YORK, Oct 2 (Reuters) - Coffee futures on ICE fell sharply on Wednesday, with robusta futures losing as much as 6%, as rains loomed in top producer Brazil and as the European Commission proposed delaying its landmark anti-deforestation law.
COFFEE
* December arabica coffee KCc1 settled down 7.65 cents, or 2.9%, at $2.565 per lb.
* November robusta coffee LRCc1 fell 6.1% to $5,111 a metric ton, its lowest level in more than a month.
* Dealers cited the news that theEU had proposed delaying itsDeforestation Regulation (EUDR) banning the import of commodities linked to deforestation by 12 months as a major factor for the fall.
* "This is big. If confirmed, we will see a repricing in the entire market structure," said a U.S.-based coffee broker.
* European importers were rushing shipments of coffee to the bloc before the start of the regulation in January, fearing problems, so they would likely slow that trade down now, dealers said.
*Increased confidence that Brazil rains will arrive in coming days was also a bearish factor, along with the progress of the harvest inVietnam.
SUGAR
* March raw sugar SBc1 settled down 0.29 cent, or 1.3%, at 22.68 cents per lb, having closed up 2.2% on Tuesday.
* Limiting losses in sugar, oil prices rallied for a second day onconcerns Middle East tensions could boil over and disrupt crude supplies. Higher oil prices increase demand for ethanol, tempting mills to produce more of the cane-based biofuel at the expense of sugar.
* Supplies in the local market in Brazil also remain tight, and consistent rains are needed to improve crop prospects, according to dealers.
* December white sugar LSUc1 fell 1.5% to $574.00 a ton.
COCOA
* December New York cocoa CCc1 settled up $25, or 0.4%, to $7,064 a ton, having lost 8.8% on Tuesday and 6.8% on Monday.
* Dealers said the EUDR delay was bearish for cocoa, like coffee, and that favourable weather in top growers Ivory Coast and Ghana continues to improve prospects for the main crop.
* Cocoa futures trade remains extremely volatile however, due to historically low open interest.
* March London cocoa LCCc2 fell 1.5% to 4,355 pounds per ton, having lost 1.9% in the prior session and 4.1% on Monday.
Reporting by Maytaal Angel and Marcelo Teixeira; Editing by Shreya Biswas and Shailesh Kuber
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