Cocoa futures' trading volume surges as prices skyrocket
NEW YORK, Feb 5 (Reuters) - Trading volumes with futures of chocolate-making ingredient cocoa increased sharply in January when compared to the same month a year earlier as prices for the soft commodity surged amid a global supply tightness.
Average daily volumes for cocoa futures, considering both the London and the New York-based contracts, increased 54% in January year-on-year, according to monthly statistics released by the Intercontinental Exchange (ICE) on Monday.
Total open interest in cocoa futures rose 68% in January from a year ago, including a record of 1.8 million lots reported on January 31.
London cocoa prices reached a fresh all-time high on Monday in its fifth consecutive session of price records. New York cocoa futures hit a 46-year high during the session.
Two other soft commodities traded at ICE also saw large volume increases, with open interest rising 13% for sugar futures (raw and whites combined) and 7% for coffee futures (arabica and robusta combined).
(Reporting by Marcelo Teixeira; editing by David Evans)
