Liffe coffee futures fell on Friday after London's failure to gain support from the New York market dented confidence and sparked technical selling, dealers said.
Liffe's most-active November position lost $14 to end at $870 a tonne after volume of 5,393 lots in an $870-888 price band. Overall turnover reached 10,290 lots but business was concentrated on spread trading.
"It couldn't push up even when New York was one cent higher. People were waiting for a move higher, it didn't occur and they liquidated," a dealer said, noting selling by funds that trade on technical signals.
COCOA SLIPS: London's cocoa market lost ground on Friday but traders said business remained quiet as industry awaited lower prices and West African producers held back supplies.
Chocolate companies and processors are well covered and reassured by forecasts of an ample West African crop this season but producers are hoarding beans until a new farmgate price is set for the 2005/06 marketing campaign, dealers and exporters have said.
Liffe's most-active December cocoa contract finished eleven pounds lower at 820 pounds a tonne after volume of 2,181 lots within an 819-829 range. Total turnover was 3,444 lots.
SUGAR HIGHER: London white sugar futures closed higher on Friday boosted by trade buying as the market resumed its upward trend after a short-term setback, dealers said.
"I think it (lower prices) provided an opportunity for the trade to get back in (and buy)," one dealer said. Front-month December closed $2.2 higher at $297 a tonne on turnover of 1,540 lots. Total volume was 4,008 lots.
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