Arabica coffee futures jumped to a 34-year peak on Monday due to tight supplies of high-quality beans while raw sugar slid to its lowest level in almost eight months as bumper stockpiles reached the market. Cocoa retreated from a six-week peak reached Friday, and as previously announced the ICE Futures US exchange delayed the start of trading until 7:30 am EDT (1130 GMT) instead of the usual starting time at 2:30 am.
The July arabica coffee contract on ICE Futures US climbed 5.25 cents to conclude at $3.051 per lb, settling at its loftiest level since 1977. The July raw sugar contract dropped 0.38 cent to finish at 21.87 cents per lb, its lowest close on a spot basis since September 8, 2010. The July cocoa contract dropped $49 to close at $3,291 per tonne, having rebounded from a session low of $3,243.