COFFEE
* July arabica coffee futures reversed to close up 0.10 cent at $2.9640 per lb.
* Contract remained near last week's 34-year peak at $3.0250 per lb.
* Market eased for most of the day on pressure from the commodity complex, which fell as investors took profits ahead of the policy statement from the U.S. Federal Reserve - traders.
* Prices turned quietly higher at the end of the session as the Reuters-Jefferies CRB index <.CRB> reversed up after the Fed said it will keep the U.S. interest rate at exceptionally low levels.
* Tight supplies continued to underpin prices - traders.
* ICE certified arabica stocks fall to 1,575,600 bags on April 26, down 2,075 bags with a heavy 51,227 bags pending grading.
* Chinese buyers have been in Vietnam seeking to buy black pepper at high prices, raising expectations of good gains that have prompted some coffee farmers to switch to growing pepper instead - state-run newspaper, traders.
COCOA
* Key July cocoa futures gained $75 or 2.4 percent to finish at $3,168 per tonne.
* Market was slightly higher for most of the session, as many were seen sitting on the sidelines while awaiting updates on cocoa exports in top grower Ivory Coast.
* Banks in Ivory Coast were preparing to open their doors for the first time in weeks on Thursday, while the cocoa sector in the world's top grower was making arrangements to resume exports frozen by a de facto embargo.
* The market jumped $92 within 60 seconds at 11:42 a.m. EDT (1542 GMT), leaving dealers scrambling to find the cause and pointing to the Reuters-Jefferies CRB index <.CRB> that also started to climb at that time and looking like a basket trade.
* Rally took the second position through the 23.6 percent Fibonacci retracement level at $3,138 per tonne, finding resistance around the 100-day moving average at $3,191.
* Cocoa exports from Indonesia, the world's third-largest cocoa producer, may fall by as much as 12.5 percent this year - Indonesian Cocoa Association.
Source : Reuters
