US cocoa moved higher in early trading on Tuesday as fund buying buoyed prices, while arabica coffee futures were little changed, traders said. ICE March cocoa trading on the screen was up $14 at $2,227 per tonne at 9:20 am EST (1420 GMT), moving from $2,2021 to $2,229.
May was up $16 at $2,251 which was near a five-year high for the second-month position. One contract aside, the rest were up $10 to $16 at lifetime peaks. In the world's biggest producer, cocoa arrivals at ports in Ivory Coast reached around 898,000 tonnes between October 1 and January 27 versus 830,760 tonnes in the same period the year before, according to an estimate by exporters on Tuesday.
On the screen, the benchmark March coffee contract was up 0.15 cent at $1.3435 per lb at 9:23 am, dealing from $1.333 to $1.347. The rest ranged from flat to 0.85 cent lower.
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