coffee prices today - Coffee, cocoa futures pricees november 3 2011 : Cocoa prices were also higher with ICE leading a rebound from recent weakness while hedge selling linked to West African main crop harvests weighed on London.
"London has to contend with decent hedging from Ivory Coast and Ghana and that has narrowed the arbitrage," one London cocoa dealer said.
ICE December cocoa CCc1 was up $35 or 1.3 percent at $2,700 a tonne. The market dipped to $2,523 on Oct. 18, the lowest level for the front month in more than two years.
Dealers said the recent run-up had helped to improve the technical outlook while funds continued to trim their net short position on ICE.
December cocoa on Liffe rose 19 pounds or 1.15 percent to 1,673 pounds a tonne.
Ivory Coast's cocoa industry reform will guarantee that farmers receive at least 60 percent of the market price for the cocoa they produce, Agriculture Minister Coulibaly Sangafowa said on Thursday.
Arabica coffee futures on ICE also rose with December KCc1 up 2.75 cents or 1.2 percent at $2.2675 per lb.
"We are seeing a sympathy rally. It could all change this afternoon if we have some negative economic data," one London dealer said.
January robusta coffee rose $7 or 0.4 percent at $1,869 a tonne.
"London has to contend with decent hedging from Ivory Coast and Ghana and that has narrowed the arbitrage," one London cocoa dealer said.
ICE December cocoa CCc1 was up $35 or 1.3 percent at $2,700 a tonne. The market dipped to $2,523 on Oct. 18, the lowest level for the front month in more than two years.
Dealers said the recent run-up had helped to improve the technical outlook while funds continued to trim their net short position on ICE.
December cocoa on Liffe rose 19 pounds or 1.15 percent to 1,673 pounds a tonne.
Ivory Coast's cocoa industry reform will guarantee that farmers receive at least 60 percent of the market price for the cocoa they produce, Agriculture Minister Coulibaly Sangafowa said on Thursday.
Arabica coffee futures on ICE also rose with December KCc1 up 2.75 cents or 1.2 percent at $2.2675 per lb.
"We are seeing a sympathy rally. It could all change this afternoon if we have some negative economic data," one London dealer said.
January robusta coffee rose $7 or 0.4 percent at $1,869 a tonne.
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