US cocoa futures dropped to a 2-1/2 month low on Wednesday as investors eyed increased prospects for a resolution to the power struggle in Ivory Coast, which could free up exports from the world's top cocoa grower. Volume in US cocoa futures was double the 30-day norm, Thomson Reuters preliminary data showed, as investors sold long positions now that Alassane Ouattara seems to be gaining the upperhand over incumbent Laurent Gbagbo.
New York's May cocoa futures slid $70 to close at $2,987 per tonne. In the last two sessions, the contract has lost 8 percent and settled at its lowest level since January 13. New York's May arabica coffee futures rose 3.35 cents to close at $2.648 per lb. The May raw sugar futures rose 0.19 cent to settle at 27.21 cents per lb.
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