(Reuters) - U.S. cocoa futures rose on Tuesday, closing at the highest level in 32 years on further turmoil in top grower Ivory Coast, while arabica coffee futures slipped from the highest levels in more than three decades.
Sugar settled lower, giving back early gains.
Cocoa futures have been rising as the crisis in Ivory Coast has led to a virtual halt to exports. Presidential claimant Alassane Ouattara extended the export ban to March 10.
"That obviously tightens supply in the market," said Sterling Smith, analyst with Country Hedging in Minnesota.
Cocoa arrivals at ports in top grower Ivory Coast slowed to 5,000 tones last week and exporters expected them to seize up completely as bank closures leave them with no liquidity to pay farmers.
"The situation is not getting any better," said Kona Haque, commodity strategist at Macquarie Bank. "I think the risks are rising for short-term supply disruptions."Read More
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