Arabica coffee futures trading on ICE Futures US climbed on fund buying in early trade on Wednesday, inching closer toward a 2-1/2-year high, while cocoa futures slid to a two-week low on spillover weakness, traders said. On the electronic platform, ICE December coffee gained 1.75 cents at $1.3605 per lb at 9:22 am EDT (1322 GMT), in a trading band from $1.3315 to $1.3625.
The rest ranged from 1.35 to 1.90 cents stronger. In open-outcry, benchmark December was up 1.95 cents at the session high $1.3625 at 9:24 am, with deals reaching a low at $1.3430. Cocoa continued to head south to a two-week low after Tuesday's sharp losses when origin selling and long liquidation pressured prices.
ICE electronic December cocoa futures were down $25 at $1,892 per tonne at 9:20 am EDT, in dealings from $1,883 to $1,916, a low last seen September 19. The rest were down from $21 to $27. In the pit, December cocoa was $27 lower at $1,890 per tonne at 9:21 am EDT, moving from $1,885 to $1,896.
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