Below overnight recap:
• Raw sugar on ICE Futures U.S. tumbled to a six-month low due to technical weakness and hefty nearby supplies. The October contract dropped to a six-month low of 15.63 before closing down 0.24 cent, or 1.5 percent, at 15.68 cents a lb.
• The contract opened near its 10-day moving average at 16.05 cents a lb before turning lower. Volumes picked up as prices breached support at previous lows and traders liquidated long positions.
• The close below the key level of 15.72 cents was seen as bearish and left the contract in technically oversold territory.
• Speculators have piled into a bearish position in ICE raw sugar contracts, and a huge discount for spot prices has spurred Brazil millers to stockpile.
• October Liffe white sugar finished down $5.50, or 1.3 percent, at $425.40 per tonne after dropping to $424.50, a contract low and the front-month's weakest level since April.
• Speculator on Liffe increased their net short in white sugar by 995 lots to 6737 lots in the week ended Aug 12, exchange data showed.
• On the FX front, US dollar rose against a basket of major currencies after the threat of increased tensions in Ukraine appeared to diminish and positive U.S. housing data supported the greenback.
• The conflict between Russia and Ukraine was viewed as somewhat less heated following talks among Russia, Germany, France and Ukraine on Sunday. Russia said all objections to it sending a humanitarian convoy to Ukraine had been resolved, but no progress was made toward a ceasefire between government and rebel forces in the east of the country.