London cocoa futures settled in negative territory as the market backed down from recent highs on an improved outlook for supplies from Ivory Coast, where a political crisis has stalled exports during the past week, traders said on Friday. Liffe's most-active March contract finished 20 pounds weaker at 953 a tonne, down from a mid-week high of 1,032. The price fluctuated between 939 and 973 while volume was 5,743 lots from an 11,066 lot session tally.
Exporters cautiously resumed business at the ports of Abidjan and San Pedro, industry figures told Reuters in Abidjan on Friday.
Most participants expect exports to gradually pick up speed if the lull in the recent turmoil that has wracked Ivory Coast holds, even if transporting cocoa to ports from up-country remains risky and there are likely to be some quality issues because farmers have had to hoard beans.
Front-month December shed 2.2 percent to end at 935 pounds a tonne, turning over 2,933 lots within a 921-955 range.
Cocoa gained about 20 percent in a week to reach a three-month high on Wednesday after last week's bombing raid by the Ivorian military on the rebel-held north signalled the collapse of the country's cease-fire. Conflict between French and Ivorian troops and ensuing mob violence further inflamed the market.
Rebels shunned peace talks in South Africa as hundreds more foreigners left the former French colony on Friday.
COFFEE FUTURES END DOWN: London's coffee futures closed a tad weaker on high volume boosted by structural trade in the second half of the session, floor sources said on Friday.
Liffe's March was the most active contract, shifting 23,131 lots between $644 and $653 before closing just two dollars off at $648.
Front-month November finished five dollars down at $609 a tonne after moving 14,737 lots in a 601-604 range.
At $627 a tonne, Liffe January closed five dollars lower following a tight $623-632 range compared to the previous session's $23 fluctuation. The contract had turnover of 3,661 lots from a total of 43,534.
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