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Cocoa Extends Gains in London After Stockpiles Drop; Sugar Rises

Cocoa gained for a fourth day in London and climbed to a two-month high in New York after falling stockpiles in Europe added to speculation that dry weather will curb supplies from West Africa.

Cocoa inventories with a valid grading certificate in European warehouses monitored by NYSE Liffe fell 1.8 percent since Jan. 9, exchange data yesterday showed. Prices in London have climbed 16 percent this year on speculation dry weather in Ivory Coast and Ghana will damage their so-called mid-crops set to be harvested through September.