Cocoa futures climbed on Wednesday due to worries about possible disruptions to the mid-crop harvest in Ivory Coast even as cocoa exports were set to resume from the world's top grower after months of political turmoil. Coffee futures also rose, with arabicas pushing up on mostly spread trade, while sugar stumbled as raws closed at its lowest level in six months.
Cocoa futures have slid around 25 percent since peaking at a 32-year high in March as Ivory Coast has looked closer to resuming exports after the civil war there was resolved with the arrest of leader Laurent Gbagbo. New York's July cocoa contract on ICE Futures US gained $14 to end at $3,070 per tonne.
US cocoa futures were also bolstered by technical strength after rising above the 200-day moving average and after the 20-day and 100-day moving averages crossed above the market late last week. New York's July arabica contract rose 6.80 cents to finish at $2.837 per lb. Sugar futures fell as dealers kept a close watch on the oil market and economic developments, noting concerns over risks to global economic growth. New York's May raw sugar contract fell 0.79 cent to end at a 6-month low at 24.79 cents per lb.
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