LONDON, Aug 15 (Reuters)Raw sugar futures on ICE fell on Monday, reversing course after hitting a 3-1/2 week high earlier in the session, with fund short covering offsetting bearish news in the wider financial markets. MKTS/GLOB

SUGAR

* October raw sugar SBc1 ​fell 0.4% to 18.52 cents per lb at 1112 GMT, having hit a 3-1/2 week high of 18.70.

* Dealers said that despite the slew of bearish macro economic news, sugar looks likely to remain firm and may well push higher as funds continue to cover and analysts continue to cut forecasts for the EU sugar beet crop.

* China’s central bank cut key lending rates in a surprise move on Monday as data showed the world’s second largest economy unexpectedly slowed in July.

* ICE speculators increased their net short position in raw sugar futures by 4,121 contracts to 71,509 in the week to Aug. 9, data showed.

* Philippines President Ferdinand Marcos Jr said the country’s doors remain open to additional sugar imports, though volumes are likely to be around 150,000 tonnes rather than a previously proposed 300,000 tonnes.

* October white sugar LSUc1 slipped 0.2% to $559.30 a tonne.

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COFFEE

* December arabica coffee KCc2fell 1% to $2.2010 per lb, having hit a one-month high of $2.2340 on Friday.

* ICE speculators increased their increased their net long position in arabica coffee by 2,517 contracts to 16,057 in the week to Aug. 9, data showed.

* Arabica has been driven higher of late by near-term supply tightness as represented by the relentless decline in ICE exchange stocks to their lowest in 23 years KC-TOT-TOT.

* Data on Friday however showed that for the first time in two weeks, stocks were unchanged, and dealers expect they could increase going forward as 233,402 bags is due to be graded.

* November robusta coffee LRCc2 fell 0.7% to $2,245 a tonne, having hit its highest since late February at $2,264 on Friday.

COCOA

* December New York cocoa CCc2rose 1% to $2,417 a tonne.

* ICE speculators trimmed their net short position in New York cocoa by 1,518 contracts to 2,517 in the week to Aug. 9, data showed.

* December London cocoa LCCc2 rose 1.1% to 1,815 pounds per tonne​​​​.

(Reporting by Maytaal Angel; Editing by Bernadette Baum)

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