The softs markets trading on ICE Futures US will close early at 1 pm EST (1800 GMT) on Monday, remain closed Christmas Day, December 25, and open late at 7:30 am (1230 GMT) on December 26. On Liffe, the markets will close early at 1300 GMT on December 24, remain closed December 25-26, and resume normal trading on December 27.
Cocoa futures on Liffe fell to a nearly seven-month low in early trading, under pressure from a weakening technical outlook based on historical price charts. The benchmark contract dropped for the fifth straight day. Forward selling of West Africa's 2013/14 crop also weighed on the market. Liffe May cocoa closed down 3 pounds, or 0.2 percent, at 1,477 pounds per tonne after dipping to 1,465 pounds earlier in the session, the lowest level since June 1 on a second-month basis. For the week, it ended down 4.8 percent, the steepest weekly drop since early October.
March cocoa futures on ICE finished down $16, or 0.7 percent, at $2,312 a tonne after touching $2,305, a five-month low on a second-month basis. The contract closed the week down 5.1 percent, its weakest weekly performance in 11 weeks. Coffee futures climbed despite the firm dollar, which often pressures the market. Arabica futures continued to consolidate after hitting a 2-1/2 year low at $1.4220 per lb last week, basis the spot contract, with plentiful supplies in the pipelines.
March arabica coffee futures on ICE turned up 3.65 cents, or 2.6 percent, to close at $1.4660 per lb. March robusta coffee futures closed up $7, or 0.4 percent, at $1,894 a tonne. March raw sugar futures on ICE finished unchanged at 19.25 cents a lb, holding steady above last week's low of 18.31 cents, the lowest level for the benchmark front month since August 2010. March white sugar on Liffe rose $2.10, or 0.4 percent, to settle at $518.30 per tonne.