ICE cocoa jumped on Wednesday, hitting a 32-year high after top producer Ivory Coast extended an export ban, while arabica coffee fell a day after advancing to 30-year peaks in light profit taking. Sugar futures fell below recent three-decade highs as the market sought to reconnect with physical demand.
ICE May cocoa futures finished with $45, or 1.25 percent, gains at $3,631 a tonne. New York cocoa is seen extending gains to $3,746 per tonne, based on a Fibonacci projection analysis, according to Reuters market analyst Wang Tao. Arabica prices eased, after trading at the highest level in at least 30 years on Tuesday, as a shortage of high quality beans continued to support prices. In New York Arabica coffee futures for March fell 4.85 cents, or 1.77 percent, to settle at $2.6875 a lb.
Benchmark May coffee lost 4.90 cents, or 1.79 percent, to end at $2.6905 a lb. Sugar futures prices fell as the market sought to reconnect with physical demand. Prices fell below 30-year highs. ICE March raw sugar futures closed down 1.02 cent or 3.29 percent, at 29.94 cents a lb.
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