US cocoa futures buckled 5 percent to a five-week low in early trade on Tuesday, as sterling sank against the dollar, while arabica coffee dipped along with many other commodities, traders said. Arabica coffee for March delivery dropped 0.70 cent at $1.1510 per lb by 9:11 am EST (1411 GMT). Trading range from $1.1390 to $1.1540. March volume at 2,230 lots.
The rest ranged from 0.75 cent to 1.50 cent weaker. Meanwhile benchmark March cocoa sank $103 to $2,360 per tonne by 9:12 am, with volume at a heavy 4,122 lots. Session low down 4.9 percent at $2,340, a double bottom dating back to December 12. The rest from $97 to $123 lower.