Cocoa Gains as Stocks, Pound Fall
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.
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