Cocoa Caps Longest Rally in Month on Crop Concern; Coffee Gains
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Cocoa futures rose for a fourth session, capping the longest rally in a month, as rain and black pod disease threaten crops in Ivory Coast, the world’s top exporter. Coffee prices also gained.
Weeks of heavy precipitation in the Ivory Coast’s southwest triggered a black pod outbreak that may curb output, cocoa farmers and officials said. Growers in the Soubre region, which accounts for about a quarter of the nation’s production, said they lack the means to prevent the spread of disease during the annual rainy season.