Arabica coffee futures trading on ICE Futures US touched a near-8-year high in early trade on Thursday on continued dry weather concerns in top producer Brazil, but prices soon turned lower on light long-liquidation, traders said.
Cocoa was mixed in rangebound trade and light volume following two straight days of steep losses. "Spec and fund (buying), the selling is small," one trader said, about the earlier strength in coffee.
On the electronic platform, ICE December coffee lost 0.35 cent at $1.3550 per lb at 9:23 am EDT (1323 GMT), dealing from $1.3445 to $1.3740, a high dating back to December 1999 on a spot-month basis.
One contract aside, the rest were 0.20 to 1.40 cent weaker. In open-outcry, benchmark December was down 0.45 cent at $1.3540 at 9:24 am, trading from $1.3445 to $1.3740.
ICE electronic December cocoa futures were up $1 at $1,877 per tonne at 9:21 am, with trades spanning $1,870 to $1,895. The rest ranged from $1 up to $4 down. In the pit, December cocoa was $4 higher at $1,880 per tonne at 9:22 am, trading from $1,874 to $1,890.