US MIDDAY: cocoa and coffee down

29 Mar, 2008

Cocoa and arabica coffee futures trading on ICE Futures US were weak in early trade Friday, pressured by the strong dollar and speculative selling. Benchmark May contract fell $56 at $2,376 per tonne by 9:51 am EDT (1351 GMT), in a range from $2,356 to $2,447. The rest down from $58 to $70.
Fortis said on Friday that it estimated a smaller global cocoa deficit in 2007/08 of 5,000 tonnes, revising its previous forecast of a 32,000-tonne deficit. ICE Futures US May coffee 1.80 cent weaker at $1.3075 per lb at 9:53 am (1353 GMT). Range was $1.3055 to $1.333 per lb. Back of board down 1.60 to 1.80 cents.

Read Comments