New York cocoa futures shot up in early trade on Friday on fund buying as the market tested resistance at $2,000, while coffee also rose, traders said. On the screen, ICE benchmark March cocoa jumped $16 to $1,987 per tonne at 9:25 am (1425 GMT), after hitting $1,994, its loftiest position since November 2. Aside from one, the rest were $16 to $22 higher.
In electronic trade, ICE March coffee was 1.60 cents up at $1.3015 at 9:26 am, with trades ranging from $1.284 to $1.308. The rest were 1.50 to 2.20 cents stronger. ICE March robusta futures were flat 82.10 cents per lb by 9:26 am. The rest were steady.