US arabica coffee futures hurtled to a 34-year top Wednesday and looked poised to charge higher, boosted by investment fund buying and slim supplies. Cocoa futures retreated further from last week's 32-year peak but remained propped up by civil war in top grower Ivory Coast, while sugar edged down in range-bound business.
ICE's May arabica coffee futures soared 7.65 cents to close at a 34-year settlement peak at $2.9485 a lb, having also hit a 34-year intra-day top at $2.9665. It was the third day in a row that arabica futures hit a 34-year high and the market appears to have posted its biggest three-day advance since December.
Cocoa futures were hammered late by long liquidation which was triggered by the failure to carve out higher ground in a market that hit a 32-year peak due to the civil war in top producer Ivory Coast. New York's May cocoa contract fell $106 or by 2.9 percent to settle at $3,527 per tonne, well below the 32-year intra-day high of $3,775. Sugar futures tumbled as well on investor liquidation although the market is seen staying in a wide trading band at this time. New York's May raw sugar contract shed 0.28 cent to close at 30.42 cents per lb.
Comments
Comments are closed for this article.