Cocoa futures in the US gyrated violently Tuesday in suspected computer-generated dealings which prompted the exchange to cancel some trades as traditional players complained of market distortion. Cocoa futures on ICE Futures US sank $450 in 60 seconds before rebounding a whopping $349 a minute, a striking move since the market had hit 32-year highs Tuesday due to unrest in top producer Ivory Coast.
Soft commodity markets were largely weaker across the board, with cocoa and raw sugar on the retreat while coffee was mixed in mostly slow business. New York's May cocoa contract dropped $75 to close at $3,620 per tonne, one day after posting the highest settlement close in 32 years.
Sugar futures slipped as the trade digested delivery of 18,748 lots or 965,000 tonnes of raw sugar against the expired March raw sugar contract. New York's May raw sugar contract fell 0.19 cent to conclude at 29.26 cents per lb. Coffee futures were steady to easier in light trade. New York's May arabica coffee futures fell 2.40 cents to finish at $2.693 per lb.
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