Cocoa hits new one year high on possible ban extension

Cocoa futures on ICE scaled to their highest levels in over a year on Monday as fears grew the month-long cocoa export ban imposed on Jan. 23 in top producer Ivory Coast could be extended. Arabica coffee was slightly higher, hovering near its recent 13-1/2-year high on tight supplies and robust demand, while raw sugar was lower, below 30-year peaks

May ICE cocoa futures jumped to $3,444 a tonne in early trading, their highest since January 2010, later easing to trade up $33 or 1 per cent to $3,404 a tonne at 1129 GMT. New York's benchmark May arabicas were up 0.4 cents or 0.2 per cent to $2.5535 per lb at 1130 GMT after touching $2.58 a lb last Thursday, their highest since May 1997. Liffe May robusta coffee was flat at $2,255 a tonne, below its 2-1/4-year high of $2,287. Iraq's purchase of more than 200,000 tonnes of white sugar, over a quarter of the annual requirement, has eased a severe shortage in the nation's food rationing programme, the head of the state-run food company said on Sunday. The benchmark ICE March raw sugar contract traded down 0.08 cent or 0.3 per cent to 31.22 cents a lb at 1130 GMT, while London's May white sugar fell $6.20 or 0.8 per cent to $750.00 per tonne.