Arabica coffee futures pared gains and closed firm on Thursday, after shooting well above $3 a lb to a 34-year high on the weak dollar and bullish chart patterns. The May raw sugar contract tumbled 0.63 cent or 2.6 percent to end at 23.92 cents a lb. July fell 0.45 cent, or 2 percent, to close at 22.51 cents, after falling from a 6-1/2-month low at 21.94.
July arabica coffee futures rose 2.80 cents, or 0.9 percent, to finish at $2.9920 per lb, paring gains after hitting a 34-year high at $3.0340. Key July cocoa futures soared $112, or 3.5 percent, to settle at $3,280 per tonne, the highest settlement for the second position since March 14.