Money managers raised bullish bets on cocoa traded in London to a record as global shortages loom for the 2013-14 season that started this month, according to data from NYSE Liffe, the derivatives arm of NYSE Euronext.
Investors were net-long, or betting on higher prices, by 64,759 futures and options in the week ended Oct. 1, the Commitments of Traders report on the exchange’s website showed today. That was the largest bullish bet since publishing of trader holdings began in 2011 and compared with the previous record of 63,419 contracts in the week ended Sept. 24. The beans for December delivery fell 0.5 percent in the latest week.
from the Business Recorder of Pakistan:
NEW YORK: ICE cocoa climbed to a more than one-year high and London futures rallied to the highest in about two years on Monday as the International Cocoa Organization forecast a deficit in the next four years and as recent rains stoked worry of supply concerns in West Africa, the world's top growing region.
by the Public Ledger of Agra.net:
Cocoa futures closed significantly higher on Monday, underpinned by reports that global demand will outstrip supply, industry watchers said.
According to the International Cocoa Organization (ICCO), the global cocoa deficit will be 69,000-70,000 metric tonnes in 2013/14, up from 52,000 tonnes in 2012/13.
