Cocoa futures sprang up Tuesday on industry buying as players anticipated near-term disruptions in Ivory Coast's mid-crop even as exports resume from the top cocoa producer after the power struggle there. Arabica and robusta coffee futures were mixed and sugar fell.
New York's July cocoa contract on ICE Futures US gained $28 to finish at $3,056 per tonne. Arabica and robusta coffee futures were mixed as bearish technicals, based on historical price charts, weighed on prices. New York's July arabica contract lost 0.70 cent to finish at $2.769 per lb.
Sugar futures lost ground, with the focus on how much will be delivered when the May white sugar contract goes off the board on Friday. "The fast approaching Liffe expiry is causing a little more than idle chit chat as we see the uncovered open interest at 18,979 lots this morning and so prospects of a potentially very large delivery," said Thomas Kujawa of Sucden Financial. New York's May raw sugar contract fell 0.46 cent to close at 25.58 cents per lb.
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