Arabica coffee futures on ICE Futures US dropped on producer selling Thursday, and cocoa rallied to its highest level since May 13 as funds continued their buying spree, triggering stop-loss buy orders as it advanced, traders said.
July arabica contract was down 1.20 cents at $1.344 per lb at 9:27 am EDT (1327 GMT), trading $1.340 to $1.370. The rest fell 1.10 to 1.20 cents. July cocoa contract jumps $77 to $2,699 per tonne by 9:32 am, its highest level since May 13.