US cocoa futures trading on ICE Futures US rallied in early trade Wednesday on investor and arbitrage buying, while coffee was mostly higher in quiet action. ICE Futures US May coffee up 0.70 cent at $1.339 per lb at 9:19 am (1319 GMT). Trading band $1.3145 to $1.3395.
Back of board from 0.70 cent higher to 1.90 cent lower. Investor short-covering supportive - traders. Position rolling out of May contract into July ahead May's first notice day April 22 the dominant feature - traders. Total coffee futures volume on ICE Tuesday at 26,063 lots, compared to 27,102 lots the session before - exchange data.
Benchmark July contract up $51 or 2.2 percent at $2,376 per tonne by 9:20 am, spanning $2,319 to $2,388. Other contracts up $43 to $51. Chart-based investor buying boosted the market - traders. Arbitrage buying as sterling climbs against the dollar - traders. May/July spreads ahead of the spot-month's April 17 first notice day boosted volume - traders. Total of 17,888 cocoa futures contracts traded on ICE Tuesday, compared to 25,012 lots the previous day - exchange data.
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