US MIDDAY: cocoa sinks

US cocoa futures ended Friday at a two-month low after talk that Ivory Coast's Laurent Gbagbo may be open to negotiations to quit the presidency, which could allow beans from the top producer to reach the market. Raw sugar and arabica coffee futures climbed on investor short-covering, with the sweetener boosted by revived cash buying in the market.
The benchmark May raw sugar contract jumped 0.97 cent, or 3.63 percent, to finish at 27.71 cents per lb. On the week, the market fell 4 percent. May arabica coffee futures increased 5.30 cents to conclude at $2.762 per lb. Key May cocoa futures dropped $155 or by 4.72 percent to close at $3,127 per tonne.