Arabica coffee futures rallied nearly 7 percent to a five-week high in early trade Tuesday on fund buying uncontested by origin selling, while US cocoa slumped as the pound weakened against the dollar, traders said. Arabica coffee for March delivery jumped 5.80 cents to $1.1350 per lb by 9:20 am EST (1420 GMT).
Wide trading range from $1.0825 to $1.15 which marked a 6.8 percent climb up a peak dating back to December 1, 2008. March volume at a heavy 11,656 lots. The rest ranged from 0.85 to 6.15 cents higher. Benchmark March cocoa down $15 at $2,540 per tonne by 9:25 am on volume of 1,822 lots. Session range $2,515 to $2,575. The rest fell $14 to $30.
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