US MIDDAY: coffee near 34-year high

Arabica coffee futures closed at a five-week high on Tuesday, on heavy buying by roasters, investors and the trade as the market resumed its uptrend and appeared headed for last month's 34-year high. US cocoa also finished strong with a boost from the weak dollar, while raw sugar reversed lower in an inside session. The May raw sugar contract eased 0.13 cent to finish at 24.27 cents per lb, while benchmark July fell 0.17 cent to close at 22.62 cents.
July arabica coffee futures jumped 6.85 cents or 2.4 percent to settle near the session peak at $2.9425 per lb, the highest settlement for the second position since March 9. Key July cocoa futures closed up $10 at $3,067 a tonne. May closed at a $50 premium to July, from $70 Monday.