New York cocoa futures were lower early on Wednesday after a spike in prices during the previous session, and Arabica was slightly down, traders said. "We've seen some early weakness, I think because of the slightly stronger dollar. On the platform, it appears that there's some scale-down buying," one cocoa trader said.
On the screen, ICE benchmark March cocoa was down $5 at $1,961 per tonne at 9:14 am (1414 GMT), with trades ranging from $1,951 to $1,975. Arabica futures were a tad lower in sluggish trade, dealers said.
In electronic trade, ICE March coffee was 0.45 cent lower at $1.273 per lb at 9:16 am, moving in a tight band of $1.268 to $1.2805. The rest fell from 0.45 to 0.65 cents. ICE March robusta futures were flat at 82.25 cents per lb by 9:16 am.
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