* ICE arabica coffee prices break above $3.00/lb
* Dealers await news of resumption of I.Coast cocoa exports
* Sugar bounces, helped by outside markets
(Adds details, quotes, byline, updates prices)
By Sarah McFarlane and David Brough
LONDON, April 20 (Reuters) - Arabica coffee prices hit a 34-year high on Wednesday, supported by a commodities rally fuelled by a weaker dollar, stronger oil and equities, bullish technicals, and by a shortage of high quality beans.
Cocoa extended gains amid the commodities rally and as dealers awaited news of top producer Ivory Coast's resumption of exports and the condition of its mid crop. Sugar also rose on improving investor sentiment toward riskier assets.
Upbeat earnings from companies lifted stocks and boosted appetite for riskier assets on Wednesday, driving commodities higher and the Australian dollar to a 29-year high versus the dollar.
ICE arabica coffee futures prices broke above the psychological $3.00 a lb, maintaining their upward momentum.
"People just want to buy, that's basically it. The dollar's at a new low. People want to own things. You don't want to be short," said Nick Gentile, head of trading at Atlantic Capital Advisors in Jersey City.
The euro surged to its highest in 15 months against a weaker dollar on Wednesday, boosted by higher risk appetite and after a bond auction from Spain was well received by investors.
"On the upside, potential above the recent high could be for even further extension toward $3.2949/lb," brokerage Sucden Financial said.
Benchmark July arabicas on ICE traded up 7.05 cent or 2.4 percent at $3.0130 a lb at 1407 GMT, after peaking at $3.0245 a lb earlier in the session.
While there are adequate global supplies of coffee to meet demand, there continued to be limited availability of mild washed arabica, after key producer Colombia had several smaller-than-average crops.
"The funds continue to view coffee as a long-term buy while producer selling is limited and scale-up," the broker said.
July robusta coffee traded up $30, or 1.2 percent, at $2,482 a tonne at 1408 GMT.
Indonesia robusta beans stayed at premiums to London futures as purchases from domestic roasters stirred up trade, while Vietnam could be under pressure from the prospect of a bigger output in the next crop, dealers said.
COCOA EXTENDS GAINS
Cocoa prices extended gains, fuelled by the commodities rally and as dealers awaited news on the resumption of exports and the condition of the mid crop in Ivory Coast.
The country is beginning its recovery from a violent post-election power struggle, which ended last week with the arrest of former President Laurent Gbagbo.
"Supply risk plummets, but uncertainty persists in Cote d'Ivoire," said Abah Ofon, commodities analyst at Standard Chartered Bank.
ICE July cocoa futures traded up $38, or 1.2 percent, at $3,105 a tonne at 1409 GMT, while NYSE Liffe July cocoa was up 6 pounds or 0.3 percent at 1,935 pounds a tonne.
The first shipments of cocoa are expected within days, but after months of stalled trade, normal export volumes from Ivory Coast are not expected to be reached any sooner than the end of April.
Sugar futures bounced higher, helped by the rebound in crude oil and equities and the weaker dollar.
"Sugar is caught up in a commodities wide bounce," said James Kirkup, head of sugar brokerage at ABM AMRO (Markets) UK Ltd.
"The dollar is quite a bit weaker. The stock market is putting in a strong showing."
Dealers noted that very tight availability of ethanol in Brazil could see mills maximise production of ethanol in the cane crush.
They said sugar futures price risk was to the downside due to ample cane supplies in the pipeline from Brazil and Thailand.
ICE May raw sugar futures traded up 0.71 cent, or 2.9 percent, at 24.98 cents a lb at 1411 GMT. NYSE Liffe August white sugar futures were up $12.00 or 1.9 percent at $637.00 a tonne in moderate volume of 1,969 lots. (Additional reporting by Marcy Nicholson; Editing by Anthony Barker)