Arabica coffee hit a 12-1/2 year high early on Monday as prices rose about 3 percent on fund buying, while cocoa was steady as an improving supply outlook weighed. Sugar edged higher but dealers said benchmark October raw sugar futures faced strong overhead resistance.
Benchmark December arabica futures hit their highest level since December 1997 to trade at $1.8290 a lb before easing to $1.8155 a lb as at 1526 GMT. Dealers said the recent rally in arabicas was partly driven by pre-season demand for Colombian mild washed arabicas, combined with diminishing stocks. ICE December cocoa traded up at $17 per tonne at $2,902 a tonne, ICE October raw sugar traded up 0.08 cent at 19.50 cents a lb.
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