US arabica coffee futures climbed to a 34-year peak Tuesday on the back of scarce bean supplies, and analysts said that could push prices even higher in the coming weeks. Cocoa eased, but stayed close to a 32-year high as civil war in top grower Ivory Coast limited losses. Sugar popped up from recent lows as investors covered short positions.
ICE's May arabica coffee futures climbed 6.05 cents to close at a 34-year settlement high of $2.872 a lb, having also hit a 34-year intra-day top at $2.8765. Cocoa futures stumbled although values stayed within hailing distance of 32-year highs as the market cautiously eyed the virtual civil war in leading producer Ivory Coast.
New York's May cocoa contract fell $29 to settle at $3,633 per tonne. Sugar prices surged after managing to hold the lows for the day as investor short-covering stepped up in the market. New York's May raw sugar contract gained 0.71 cent to finish at 30.70 cents per lb.
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