US MIDDAY: coffee rallies

Arabica coffee futures rallied to close up 2 percent on Tuesday, flirting with last week's 34-year high with a lift from investor buying and the falling US dollar. The May raw sugar contract fell 0.13 cent to close at 24.94 cents per lb, while benchmark July fell 0.16 cent to 23.24 cents. July arabica coffee futures surged 5.50 cents or 1.9 percent to finish at $2.9630 per lb. Contract moved closer to last week's 34-year peak at $3.0250 per lb.
Key July cocoa futures rose $33 or 1.1 percent to close at $3,093 per tonne. Total volume light at 6,223 lots, down 61 percent from its 30-day average (16,066) - preliminary Thomson Reuters data.