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Money Managers Reduce Bullish Bets on London Cocoa by 8.5%

Dec. 24 (Bloomberg) -- Money managers cut bets on rising prices of cocoa traded in London by 8.5 percent in the week ended Dec. 18, according to data from NYSE Liffe, the derivatives arm of NYSE Euronext.

Net-long positions, or bets on higher prices, slid to 36,142 futures and options, the commitments of traders report published today on the exchange’s website showed. That compares with 39,490 contracts a week earlier and it’s the fourth consecutive time the bullish bets are reduced. The commodity used to make chocolate slid 0.5 percent from Dec. 11 to Dec. 18.

In robusta coffee, money managers were net-short, or betting on lower prices, by 1,309 futures and options, the data showed. That compares with 219 contracts a week earlier. The beans retreated 2.4 percent in the period.

Money managers increased their net-short position in white, or refined, sugar to 4,683 futures and options from 4,525 contracts a week earlier. It gained 2.5 percent in the period.

In feed wheat, money managers increased their net-short position to 335 futures and options from 312 contracts a week earlier. The grain slid 4.3 percent in the period.

To contact the reporter on this story: Isis Almeida in London at ialmeida3@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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