Raw sugar futures rallied Monday to a fresh 30-year high on tight supplies which are seen bolstering the sweetener into 2011, analysts said. Arabica coffee eased from a 13-1/2 year peak, and cocoa was marginally firmer due to lingering worries the political crisis in Ivory Coast - the world's top cocoa producer - may disrupt bean supplies.
Trading volume in the New York soft commodity markets was light as most trading desks emptied for the Christmas and New Year holidays. New York's March raw sugar contract gained 0.46 cent to end at 32.96 cents per lb after hitting a fresh 30-year high of 33.50 cents. The key March cocoa contract in New York rose $7 to finish at $2,958 per tonne.
Coffee prices came off 13-1/2 year highs, but problems in Colombia's coffee sector should continue to prop up prices. The March arabica coffee contract on ICE Futures US eased 0.65 cent to close at $2.2465 per lb.
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