Arabica coffee futures trading on ICE reversed up to close at the highest level in 34 years, while US cocoa ended at a six-week high on Friday, hitting technical buy signals in its best monthly performance in 19 months. Raw sugar settled at a 6-1/2-month low on supply pressure and as it continued its downtrend on the last trading day of the month.
London-based Liffe soft commodity markets were closed for UK holidays Friday and Monday, and will reopen Tuesday. ICE Futures US will delay the start of electronic trading for coffee, cocoa and sugar until 7:30 am EDT (1130 GMT) on Monday because of the British holidays, it said in a notice. Key July cocoa futures rose $60, or 1.8 percent, to close at $3,340 per tonne, the highest settlement the second position since March 14.
The contract rose above the 40 percent Fibonacci retracement level at $3,328 on Friday, spurring more buying, dealers said. The second position closed the week up 8.2 percent, the biggest gain since April 2009. It closed the month up 12.6 percent, the strongest month since September 2009.
July arabica coffee futures inched up 0.65 cent, or 0.2 percent, to $2.9985 per lb, the highest settlement for the second position since 1977. The May raw sugar contract fell 0.54 cent, or 2.3 percent, to finish at 23.38 cents a lb. July eased 0.26 cent, or 1.2 percent, to end at 22.25 cents, the weakest settlement for the second position since October 6.
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