US cocoa scaled a 1-year top Wednesday as it rose for the third day in a row, fuelled by news that sales of cocoa products from top grower Ivory Coast have virtually stopped due to the violent political impasse in the African nation. New sales offers for cocoa beans and products such as cocoa butter and powder from Ivory Coast have virtually stopped, several major European physical cocoa traders said Wednesday.
New York's March cocoa contract on ICE Futures US added $17 to finish at $3,352 per tonne, rising for the third day running and posting the loftiest close for the spot contract since January 2010. Volume in the US cocoa market was heavy at around 20,200 lots, over 40 percent above the 30-day norm, Thomson Reuters preliminary data showed. Arabica coffee futures jumped higher after commercial buying near recent lows followed by fund buying triggered automatic buy stops above $2.36 on the March contract.
The March arabica coffee contract rose 6.25 cents to end at $2.375 per lb. Sugar futures edged up as investors focused on a potential cut in Russia's import tax to $50 from $140 a tonne beginning in March. The March raw sugar contract climbed 1.29 cents to end at 33.13 cents per lb, the highest finish since late last year.
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