(Rewrites throughout, updates prices; adds comment, ICE data, NEW YORK dateline)
NEW YORK/LONDON, June 18 (Reuters) - Cocoa futures on ICE fell on Monday, partially giving up the prior session’s steep gains on selling spurred by much-needed rain in top grower Ivory Coast and a pause in the markets’ upward momentum.
Arabica coffee fell to a five-week low.
* September New York cocoa settled down $43, or 1.7 percent, at $2,476 per tonne, after falling 3.5 percent to $2,432.
* Despite trading in a wide $90 range, prices remained within Friday’s range when prices rallied 3.5 percent and total open interest rose for the first time in 12 sessions, ICE data showed.
* Rain in Ivory Coast attracted some selling, as well as spillover pressure from larger commodity markets, traders said, with the Thomson Reuters CoreCommodity Index at a two-month low.
* Most of Ivory Coast’s main cocoa growing regions received plenty of rain last week, farmers said on Monday, raising hopes for the April-to-September mid-crop after a prolonged period of below-average rainfall.
* A lack of follow-through buying from Friday’s rally and higher weekly bean arrivals in Ivory Coast also spurred some selling, traders said.
* September London cocoa settled down 28 pounds, or 1.6 percent, at 1,768 pounds per tonne.
* September arabica coffee settled down 0.85 cent, or 0.7 percent, at $1.167 per lb, a five-week low, as top grower Brazil began to harvest what is expected to be a record crop.
* September robusta coffee settled down $3, or 0.2 percent, at $1,687 per tonne.
* October raw sugar settled down 0.07 cent, or 0.6 percent, at 12.28 cents per lb, well below an earlier session high of 12.5 cents.
* The market largely shrugged off a forecast by Brazil’s Copersucar, the world’s largest sugar and ethanol seller, which expects smaller sugar production in the Brazilian center-south region in the current season and sees a more positive outlook for sugar prices going forward.
* A slightly weaker Brazil real pressured sugar prices below early gains, traders said, as it makes dollar-denominated prices more attractive in local currency terms and potentially leading to a pick-up in producer selling.
* The prospect of a large global surplus in the 2017-18, despite lower production in Brazil, also helped to keep prices in check with any significant rally likely to trigger exports from India and a switch in Brazil to using more cane for sugar rather than ethanol.
* August white sugar settled down 10 cents, or 0.03 percent, at $342 per tonne. (Reporting by Marcy Nicholson in New York and Nigel Hunt in London; Editing by Toby Chopra and Bill Trott)