New York arabica coffee futures galloped nearly 5 percent to fresh contract and five-year highs Thursday, spurred by fund buying as robusta coffee soared in London, traders said. The New York Board of Trade's most-active May arabica contract rose 4.8 percent to settle at $1.3810 after topping at a new contract high $1.3840. It was the loftiest trade for a second-month contract since December 20, 1999.
July climbed 4.7 percent to end at $1.4045 after setting a fresh contract high of $1.4075. The back month deliveries ended up 4.7 to almost 4.8 percent across the board.