Arabica coffee futures on ICE hit a 12-1/2-year high on Monday, supported by fund buying driven both by supportive technical and fundamental influences, before falling back as the market's rally temporarily ran out of steam. Raw sugar on ICE also fell back after scaling a 4-1/2 month peak while cocoa remained in negative territory.
September arabica coffee surged to a peak of $1.8150 per lb but had fallen back by 1524 GMT to stand 3.00 cents lower at $1.7330. ICE October raw sugar peaked at 19.88 cents, just shy of the psychological 20-cent level, but then fell back to trade off 0.22 cent at 19.35 cents. ICE September cocoa traded down $22 at $3,069 per tonne.
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