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Cocoa rallied in London for the fourth day after falling equity markets increased buying of commodities as an alternative investment and as investors took advantage of a weaker pound.

Cocoa for July delivery increased by 2 percent, or 28 pounds to 1,405 pounds ($2,773) a metric ton on the Liffe exchange in London.

Cocoa prices fell by 7.7 percent in March.

Cocoa for May delivery gained 3.9 percent or $94 to $2,498 a ton on ICE Futures U.S.

Ivory Coast's cocoa exports since Oct. 1 have increased to 1,038,000 tons from 915,000 tons last year and global cocoa production was forecasted to exceed supply by 5,000 metric tons this season.