Soft commodity futures jumped across the board on Tuesday, buoyed by a weak dollar, bullish fundamentals and macroeconomic news which stoked investor appetite after a holiday weekend, analysts said. US financial markets were closed on Monday for a national holiday.
The softs complex drew support from signs of robust growth in Germany, which also helped boost equity markets to a 28-month high. The March raw sugar contract went up 0.23 cent to conclude at 31.12 cents per lb. The March arabica coffee contract on ICE Futures US added 0.75 cent to close at $2.3535 per lb. New York's March cocoa contract went up $17 to close at $3,036 per tonne. In New York, raw sugar volume was 1 percent above the 30-day norm, cocoa ran almost 40 percent above the 30-day average while arabica coffee was near a quarter below the 30-day average, Thomson Reuters preliminary data showed.
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