ICE arabica coffee and cocoa futures surged to multi-year highs in early trading Wednesday as investment funds continued to pour money into commodities, traders said.
Benchmark electronic May cocoa jumped $55 or 2.1 percent to $2,687 per tonne by 8:29 am (1329 GMT), trading $2,653 to $2,698 which marked a high last seen in May 1984 for a second-position contract on a continuation chart. The rest of the cocoa months gained $49 to $73 and all of them hit fresh highs.
Arabica futures soared to 10-year highs on fund buying, dealers said. On the screen, ICE's key May coffee contract surged 4.10 cents or 2.6 percent to $1.644 per lb at 8:34 am, in a trading band from $1.613 to $1.6465. The rest advanced 2.70 to 4.15 cents. ICE robusta futures were untraded as of 8:34 am.