US MIDDAY: coffee eases from near 13-year peak

Arabica coffee eased from a near 13-year high early on Monday after a rally partly driven by tight supply of high-quality beans, and bullish technical charts indicated potential for further gains, while sugar was steady. Cocoa reversed losses made earlier in the session to trade higher on light buying volumes, dealers said.
Benchmark December arabica peaked at $1.8865 in early trading, on follow-through buying from Friday's rally, which dealers and analysts said attracted speculative buyers. Arabica coffee futures have gained almost 40 percent since a fund-driven rally began in June. ICE December arabicas traded down 0.85 cent at $1.8420 a lb 1458 GMT. ICE October raw sugar was down 0.04 cent at 19.92 cents a lb. ICE December cocoa traded up $17 at $2,844 per tonne.