Arabica coffee and US cocoa futures were weak early on Monday, with both commodities trading in tight ranges amid quiet dealings while the dollar made gains. ICE Futures US September arabica contract down 0.60 cent at $1.4165 per lb by 9:22 am EDT (1322 GMT), in dealings from $1.4035 to $1.4295.
The rest down 0.35 to 1.35 cent. September volume a light 1,500 lots by 9:23 am ICE benchmark cocoa for September down $6 at $2,906 a tonne by 9:24 am, trading from $2,878 to $2,930. One contract aside, the rest $1 to $16 weaker. September volume 1,845 lots by 9:25 am Chart-based selling as near-term market viewed bearish, said traders. Support for September contract at $2,860 then $2,800, with resistance at $2,950 and $2,980, added traders.
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