Money Managers’ Bullish Bets on U.K. Cocoa Near 5-Month High

Money managers boosted bets on rising prices of cocoa traded in London to the highest level in almost five months in the week ended April 23, according to NYSE Liffe, the derivatives arm of NYSE Euronext.

The net-long position, a wager on a higher market, rose to 39,764 futures and options contracts in the period, the Commitments of Traders report published on the exchange’s website today showed. That’s up from 27,305 contracts a week earlier and the highest net-long position since Dec. 4, exchange data compiled by Bloomberg showed. The beans used to make chocolate advanced 1.1 percent in the week.

In robusta coffee, money managers reduced bets on higher prices by 33 percent. The net-long position fell to 11,425 contracts from 17,033 a week earlier. The beans used in instant coffee declined 2.9 percent in the week.

Money managers’ net-short position, or bets on lower prices, in white, or refined, sugar declined to 128 contracts from 2,490 a week earlier. The sweetener fell 0.3 percent in the period.

In feed wheat, money managers increased their net-short position to 405 contracts from 305 a week earlier. The grain lost 2.4 percent in the period.

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