Coffee on ICE soared to a new 13-1/2-year high on Friday after technical levels were breached, while ICE raw sugar futures slipped from near 30-year peaks, underpinned by tight supplies. Cocoa on ICE fell from near its one-year top, which was hit after a call for an export ban in top grower Ivory Coast ignited concerns about global supply.
Arabica coffee futures jumped as high as 4 percent to $2.4635 per lb, the highest level for the front month contract since June 1997, after fund buying triggered automatic buy orders, dealers said. ICE March arabicas traded up 6.95 cents or 2.9 percent at $2.4390 per lb at 1600 GMT. ICE March raw sugar dipped 0.07 cent or 0.2 percent at 34.11 cents a lb at 1600 GMT. ICE May cocoa dipped $55 or 1.7 percent to $3,284 a tonne at 1600 GMT.
Comments
Comments are closed for this article.