U.S. cocoa futures finishedlower in the highest volume in 2-1/2 months on Friday, as theexport ban in top grower Ivory Coast appeared close to being lifted and the European Union eased its sanctions on the country.
Arabica coffee finished strong, confirming the key reversal higher made earlier this week, while raw sugar closed lower. Volume was heavy in all three markets as the May/July role was in full swing.
COFFEE
* May arabica coffee futures rose 2.15 cents to close at $2.7495 per lb.
* May closed the week up 5.8 percent.
* Settlement confirms Tuesday's sharp move higher as a key reversal - traders.
* Market continued to be underpinned by tight supplies while the strong U.S. dollar also gave the market a lift - traders.
* Technical buy signals, following two rallies this week, attracted more buying - traders.
COCOA
* Key July cocoa futures dropped $17 to settle at $2,985 a tonne.
* July closed the week down 1.3 percent.
* Total volume rose at 39,449 lots, the highest since Jan. 21 - preliminary Thomson Reuters data showed.
* May/July position rolling boosted volume ahead of first notice day for May on April 15 - traders.
* Market pressured by the expectation that the conflict in top grower Ivory Coast will soon come to an end and the export ban will be lifted - traders.
* The European Union eased sanctions on four entities, including two ports, in Ivory Coast following a request from presidential claimant Alassane Quattara.
* Global 2010/11 cocoa surplus estimates have expanded to 184,000 tonnes and prices look set to fall further from the 32-year high hit last month - Reuters poll.
Source : reuters
