US cocoa futures rocketed 7 percent in early trade on Thursday, as fund and investor buying poured into the market on the heels of rallying crude and gold, while arabica coffee was also firm, traders said. Arabica coffee for December delivery was up 1.30 cents at $1.3420 per lb, by 9:14 am EDT (1314 GMT), moving from $1.333 to $1.358.
Benchmark December cocoa soared $134 to $2,681 a tonne by 9:15 am, after jumping 6.8 percent to $2,721. The rest from $134 to $138 lower. December volume at a heavy 7,963 lots. Fund and investor buying poured into cocoa futures, viewed as being a lower-valued commodity, causing a sharp increase on spillover support from the gold and crude markets, traders said.