NEW YORK, May 7 (Reuters) - New York cocoa futures on ICE jumped on Monday, as buying by trend-following funds kept prices near last month’s 1-1/2-year high, while arabica coffee was on track for its weakest session in three weeks on good harvest weather in Brazil.
London cocoa, robusta coffee and white sugar markets are shut for a holiday and will reopen on Tuesday.
* July New York cocoa was up $77, or 2.8 percent, at $2,854 per tonne by 11:30 a.m. EDT (1530 GMT).
* Trend-following buying by funds spurred futures higher, traders said, though prices remained within a two-week range as analysts said market fundamentals did not warrant such high prices.
* The second-position cocoa contract has rallied more than 50 percent in 2018 so far, as forecasts for a global surplus waned, though supplies remained abundant.
* Cocoa arrivals at ports in top grower Ivory Coast for the 2017/18 crop year so far neared year-ago levels as they rose the past week, exporters estimated on Monday.
* July arabica coffee fell 2.15 cent, or 1.8 percent, at $1.2045 per lb.
* Arabica futures were on track for their weakest two-day performance since February, as dry weather in top grower Brazil favored the ripening and harvest of a large crop.
* July raw sugar was down 0.1 cent, or 0.9 percent, at 11.41 cents per lb.
* Prices hovered above last week’s 2-1/2-year low in thin dealings with many industry representatives away from their desks as they meet in New York for Sugar Week.
* A large global surplus continued to pressure prices, traders said.
* “The doom/gloom that many brokers and analysts are spreading seems to forget that most of the non-index funds are very happy with what the market has done over the past 12-to-18 months,” said Michael Liddiard of consultancy Agrilion Commodity Advisers in a note.
* “And, equally importantly, industrial users and importers should be equally happy with the futures and options opportunities that the market is creating,” Liddiard said. (Reporting by Marcy Nicholson)