Coffee hits 10-year high

Arabica coffee trading on ICE Futures U.S. tapped a fresh 10-year high as funds continued to buy the market, while cocoa flirted with a 24-year high in quiet dealings, traders said.

“There’s general commodities buying these days,” one coffee trader said about the continued fund interest.

On the screen, ICE’s key May coffee contract was up 0.70 cent at $1.631 at 9:21 am, trading from $1.616 to $1.6635, a high dating back to February 1998 for the second month. The rest ranged from 0.50 to 2.15 cents stronger.

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