US cocoa futures jumped on Thursday to a one-year high on fears that top grower Ivory Coast may extend its month-long cocoa export ban, analysts said. Sugar surged and arabica coffee rumbled to near a 14-year peak as tight supplies in both markets boosted values.
The May cocoa contract in New York gained $90 or 2.74 percent to finish at $3,373 per tonne, its loftiest settlement in more than a year. March, the spot cocoa contract, moved to a premium for the first time since January 28, on worries about Ivory Coast exports. Raw sugar futures jumped and arabica coffee futures in New York clawed its way to a fresh 13-1/2 year peak as tight supplies powered both markets. The key March raw sugar contract on ICE Futures US rose 0.55 cent to finish at 32.05 cents per lb. New York's May arabica coffee futures climbed 2.20 cents to close at $2.5785 per lb, its loftiest settlement since May 1997.