US cocoa climbed to a five-month high for the second straight day in early trade on Wednesday, as funds jumped into the market, while arabica was little changed, trader said. "Funds are buying the outright action while the selling is coming from the arbitrage and trade," one cocoa trader said.
On the screen, ICE's March cocoa contract climbed $24 to $2,138 per tonne at 9:20 am (1ge from $2,106 to $2,145, a high dating back to July 25. The rest were up $8 to $21. The benchmark March contract closed firm but below a five-month high Tuesday, when short covering and trade buying supported prices.
Coffee was mixed in light trade while traders noted a bullish technical outlook. On the screen, ICE March coffee was 0.50 cent higher at $1.3505 at 9:23 am, moving from $1.3405 to $1.3525. The rest ranged from 0.90 cent lower to 0.65 cent higher.
Comments
Comments are closed.