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Cocoa Futures Advance on Higher Demand; Sugar Declines; Coffee Price Rises
Cocoa futures rose the most in a month in New York on speculation that demand for chocolate is rising. Sugar declined, while coffee gained.
Cocoa-bean inventories in European warehouses monitored by NYSE Liffe fell 6.4 percent in the two weeks ended Aug. 23, according to the exchange. The U.S. Labor Department said today that companies added more jobs in August than forecast, easing concern the economy is faltering. The 19-commodity- Reuters/Jefferies CRB Index rose, heading for the biggest weekly gain since July.
“Demand from the industry for beans, and on the consumption side for chocolate, seems to be pretty good,” said Eric Sivry, the head of the cocoa brokerage at ABN Amro Bank NV in London.
Cocoa futures for December delivery jumped $37, or 1.4 percent, to settle at $2,772 a metric ton at 2 p.m. on ICE Futures U.S. in New York, the biggest gain for a most-active contract since Aug. 4. Earlier, the commodity touched $2,808, the highest level since Aug. 25. The price climbed 2 percent this week in the first gain since July.
In London, cocoa for September delivery advanced 10 pounds, or 0.5 percent to 1,953 pounds ($3,018) a ton on NYSE Liffe at 4:52 p.m. local time.
Raw sugar for October delivery declined 0.21 cent, or 1 percent, to 20.6 cents a pound in New York. The sweetener rose 3.2 percent this week, the fourth straight gain. The commodity has dropped 24 percent this year. On NYSE Liffe, white sugar for October delivery rose 10 cents to $592.30 a ton at 5:30 p.m. local time.
Arabica coffee for December delivery gained 2.1 cents, or 1.1 percent, to $1.8695 a pound in New York. Earlier, it rose to $1.8835, the highest price for a most-active contract since Aug. 23. Robusta beans for November delivery dropped $2 to $1,639 a ton on NYSE Liffe.
To contact the reporters on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net; Debarati Roy in New York at droy5@bloomberg.net
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