US cocoa futures gained ground in early trade on Wednesday, but pared gains after hitting a five-month high amid a firm pound and supply concerns, while arabica coffee quietly reversed higher in rangebound dealings, traders said. Arabica coffee for March delivery up 0.25 cent at $1.2215 per lb by 9:18 am EST (1418 GMT).
Trading range from $1.2090 to $1.2265. March volume 2,146 lots. The rest ranged from 0.30 cent to 0.30 cent higher. Benchmark March cocoa up $27 at $2,772 per tonne by 9:20 am, with volume at 2,266 lots. Range from $2,751 to $2,809, the highest level for the spot month on a continuation chart since August 29. The rest from $9 to $26 higher.