Cocoa Caps Biggest Weekly Decline Since January; Cotton Slides
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Cocoa posted the biggest weekly loss since January on signs of an improving supply outlook. Cotton, coffee and and sugar fell.
Global cocoa production will outpace consumption by 11,000 metric tons in the season ending Sept. 30, Macquarie Group Ltd. said on May 3. That reverses a previous forecast for a shortage as abundant rainfall and good sunshine improved the outlook for the smaller of two annual harvests, known as the mid-crop in West Africa, the top growing region, the bank said. Prices rose 9.1 percent in April.