ICE Futures Europe: derivatives exchange in London
London-based ICE Futures Europe is important to international trade in Robusta coffee, white sugar and cocoa.
AGR-003 · Derivatives exchange · London, United Kingdom · USD; GBP for cocoa and wheat
Robusta, white sugar and London cocoa benchmarks
London-based ICE Futures Europe is important to international trade in Robusta coffee, white sugar and cocoa. Its quotations help producers, exporters, roasters, refiners and food manufacturers define the price component of commercial contracts. The volume figures shown here relate to selected contracts, not to the exchange as a whole. They must not be interpreted as quantities physically delivered to commercial customers.
The Robusta contract represents 10 metric tonnes and is quoted in USD per tonne. London cocoa also has a 10-tonne contract size, but its quotation is in GBP per tonne. This currency difference matters when comparing London and New York cocoa prices. Robusta delivery uses exchange-nominated warehouses in Europe or the United States under the product rules. The location of the exchange in London therefore does not mean that a buyer will collect the commodity in London. Warehouse location, quality and contractual adjustments remain separate considerations.
A physical buyer will often use the benchmark as the starting point for a negotiated quality and logistics differential. A seller should establish who fixes the futures component, when it is fixed, which expiry is used and how a delayed shipment affects the agreement. Distinguish Robusta from Arabica coffee, raw from white sugar, and the relevant cocoa origin, grade and delivery location. Commodities that appear similar can require different reference contracts. A substitution should be assessed against the actual commercial exposure rather than made solely because one quoted market has more activity.
Exchange trading requires appropriate intermediaries and trading arrangements. Before transacting, discuss margin funding, brokerage, data charges, expiry procedures and eligibility for physical delivery with the broker. Product Data tabs and ICE reports are the starting points for price research. Read the currency, timestamp and expiry rather than relying on a headline price from a news service. In a delivered purchase calculation, include freight, insurance, storage and quality inspection separately. This makes the quotation useful for evaluating supplier offers without confusing the benchmark with the total cost at the factory gate. For a repeat supply programme, record the fixing method in writing and compare like-for-like shipments over time; changes in the agreed differential may reveal a local supply issue that the exchange price alone does not show.
What is priced: Grains, oilseeds and pulses, Coffee, cocoa, tea, sugar, cotton, rubber and spices
Where to find the prices
Products and quotations
Robusta coffee; London cocoa; White sugar; UK feed wheat
Key figures
- London cocoa futures volume: 5,915,593 contracts (2025). One product.
- Robusta coffee futures volume: 4,367,242 contracts (2025). One product.
Sources
- FIA — ETD 2025, Agriculture table: Rest of World
- ICE — Robusta Coffee
- ICE — London Cocoa
- ICE — White Sugar
All agricultural exchanges, markets and price sources
