Arabica coffee futures on ICE Futures US edged higher early Thursday, and cocoa futures set new contract and long-term highs, as funds continued a buying spree on bullish technical readings, traders said. July was up a slim 0.45 cent at $1.3405 per lb by 10:12 am EDT (1012 GMT), moving from $1.3335 to $1.3510. Back-month contracts up 0.35 to 0.50 cent.
July cocoa surges to new contract high at $2,988 per tonne, but steadied $52 higher at $2,969 by 10 am (1400 GMT). September was also shot to new contract high at $2,997 a tonne, then pulled back to trade $54 higher at $2,981 per tonne. July volume by 10 am (1400 GMT) 1,075 lots.