ICE Arabica coffee futures fell to a five-month low

December 26-ICE Arabica coffee futures fell to their lowest level since the end of July in trading volatility on Friday as traders closed their accounts and long positions ahead of the New year, while raw sugar and cocoa futures also fell.

Trading in ICE's US soft commodities market was light on Friday after the Christmas holiday market was closed on Thursday. European ICE coffee, cocoa and sugar markets remain closed and trading will resume on Monday.

ICE Arabica coffee fell to a five-month low of $1.6775 a pound in March, settling down 1.55 cents, or 0.9%, at $1.686 a pound.

The Arabica coffee market fell for the fourth day in a row, with contracts falling 3.5 per cent in recent months this week, the biggest weekly decline since early December.

Selling pressure intensified after falling below support near the key psychological barrier of $1.70.

The Arabica coffee season is set to fall by more than 50 per cent by the end of the year, soaring to a two-and-a-half-year high in early October on fears of drought damage to Brazilian crops, the largest grower.

March raw sugar futures closed down 0.06 cents, or 0.4%, to an one-week low of 14.70 cents a pound, falling for the fifth day in a row and down 2% this week.

This year, raw sugar futures are bound to fall for the fourth year in a row.

New York March cocoa futures hit an one-week low of $2935, settling down $23, or 0.8%, at $2941 a tonne.

ICE cocoa futures fell 1.3% this week, the biggest weekly decline since mid-November.

This year, cocoa futures prices are expected to rise for the third year in a row.

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