US cocoa made gains in early trade on Wednesday on the back of the soaring pound, while arabica coffee futures continued to find buying support, traders said. "We're up on the pound and the CRB Index is very strong," one trader said.
On the screen, ICE benchmark March cocoa was up $32 at $1,986 per tonne at 9:17 am EST (1417 GMT), in a trading band from $1,954 to $1,988. The rest ranged from $13 to $32 stronger. "That makes New York a buy versus London," another trader said.
Arabica futures continued to move up, slowly correcting higher after Friday's steep fall. Electronically traded ICE December coffee as up 1.30 cents at $1.22 per lb at 9:19 am, in dealings from $1.2075 to $1.2235. The rest rose 0.70 to 1.30 cents.