London robusta coffee futures rose to a 6-1/2-year high on Wednesday with a shortage of available supplies at top producer Vietnam fuelling the run-up in prices, dealers and analysts said.
November climbed to $1,438 a tonne, up $58 and the highest price for the second position for 6-1/2 years, before slipping back slightly to close at $1,427.
Total volume was a heavy 19,537 lots.
"It is speculative buying," one dealer said, noting the rise accelerated when buy-stops were triggered in early trade as the market broke above highs set earlier this week.
The November contract has risen more than 20 percent during the last two weeks.
Dealers said key producers of robusta, which is used to make instant coffee, were selling some coffee at the high prices but the market had easily absorbed their sales.
"We've got a modicum of origin selling but not in sufficient quantities to halt this flow of speculative money," another dealer said.
SUGAR MIXED:
London benchmark white sugar futures ended mixed on light trade and speculative selling on Wednesday after a choppy session in light volumes in which direction was driven largely by New York raw sugar futures.
Benchmark October ended down 30 cents or 0.07 percent at $425.90 per tonne in volume of 2,450 lots, having moved from $429.00 to $424.10.
December finished up $1.10 or 0.26 percent to $423.90 in volume of 1,362 lots after trading from $426.00 to $422.00.
COCOA FIRMER:
London cocoa futures closed firmer on speculative buying against trade selling on Wednesday, breaking out of their recent range, traders said.
Benchmark September settled up 11 pounds at 863 pounds in volume of 1,996 lots, after trading from 867 to 846 pounds. December finished up 11 pounds at 890 pounds in volume of 2,444 lots, having moved from 894 to 877 pounds.
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