Arabica coffee futures hit near four-week lows

New YORK / London (Reuters)-ICE Arabica coffee futures hit nearly four-week lows on Friday and recorded their biggest weekly decline since May as rainfall in Brazil, the largest coffee producer, allayed concerns that prolonged dry weather could damage crops.

ICE cocoa futures tumbled, hit by harvesting pressure and lower physical prices. But raw sugar futures jumped.

ICE- December Arabica coffee futures closed down 1.80 cents, or 0.9%, at $1.915 a pound, with short covering after hitting $1.8845, the lowest since Sept. 29, causing the market to scale back losses. It closed down 9% this week.

Rain over the next six to 15 days will help ease concerns about dry weather in coffee and sugar cane growing areas in Brazil, according to a report.

London International Financial Futures and options Exchange (LIFFE)-January Robusta coffee futures edged up $6, or 0.3%, to close at $2028 a tonne.

ICE- December cocoa futures fell to a low of $3037 before rebounding, falling $70, or 2.2%, to $3050 a tonne, closing down for the second week in a row.

Liffe- March cocoa futures closed down 43 pounds, or 2.2 percent, at 1960 pounds.

ICE- March raw sugar futures closed up 0.22 cents, or 1.4%, at 16.38 cents per pound.

LIFFE- December sugar futures closed up $6.00, or 1.4%, at $429.10 a tonne.

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