US cocoa futures closed lower in double the average volume on Tuesday, as Ivory Coast's Laurent Gbagbo suggested he wants to surrender, raising the expectation that exports will soon flow from the world's top producer. Arabica coffee futures soared in heavy volume on short-covering that was unmatched by origin selling, while raw sugar closed lower.
Benchmark May raw sugar contract fell 0.45 cent to close at 27.55 cents per lb. May arabica coffee futures surged 12.20 cents or 4.8 percent at $2.6825 per lb. Key May cocoa futures closed down $45 at $2,975 a tonne.