US cocoa futures reversed lower in early trade on Thursday, pressured by the weak pound against the dollar, while arabica coffee futures briefly tapped a 2-1/2-month high on chart-based dealings, traders said. Arabica coffee for March delivery up 0.70 cent at $1.1825 per lb by 9:13 am EST (1413 GMT).
Trading range from $1.1755 to $1.1980, the highest since November 10. March volume an exceptionally heavy 10,393 lots. The rest ranged from 0.75 cent to 1.70 cents stronger. Benchmark March cocoa down $12 at $2,590 per tonne by 9:14 am with volume at 3,663 lots. Session range from $2,587 to $2,657. The rest from $3 lower to $34 higher.