Cocoa Futures Fall as Grindings Miss Forecasts in Europe
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Cocoa futures fell the most in a week as processors in Europe, the world’s top consuming region, reported slower growth in bean demand than analysts forecast. Sugar and orange juice advanced, while cotton was steady.
The European Cocoa Association said today that bean grinding rose 6.1 percent in the second quarter to 310,408 metric tons from 292,551 tons a year earlier, Analysts and traders expected an 8.3 percent increase, a Bloomberg survey showed. In a separate report, the German Confectionery Industry said processing dropped 11 percent in the period to 75,612 tons. Futures have dropped 18 percent from a 10-month high in September.