Cocoa futures on ICE touched a fresh one-year peak early on Wednesday, as six major exporters adhered to a call for a cocoa export ban from Ivory Coast and new sales offers from the top grower wound down. Arabica coffee futures soared as high as 3.9 percent, taking back losses from the past two days, after fund buying triggered automatic buy stops, dealers said.
Raw sugar futures surged almost 4 percent on fund buying, with markets focused on a possible early cut in the import duty in Russia, a key sugar consumer. New York's March cocoa contract gained $9 or 0.3 percent to $3,344 per tonne at 1630 GMT after touching $3,395, its highest since January 2010.
ICE March arabica traded up 6.3 cents or 2.7 percent to $2.3770 per lb at 1630 GMT after spiking as high as $2.4035 a lb, near its 13-1/2-year high of $2.4450 a lb. ICE March raw sugar futures were up 0.65 cent or 2 percent to 32.50 cents a lb at 1555 GMT.