Bloomberg News

Cocoa Rises on Ivorian Supply Concern; Coffee Gains; Sugar Drops

June 14, 2011

June 14 (Bloomberg) -- Cocoa rose for the fifth time in six sessions as supply concerns mounted in Ivory Coast, the world’s biggest exporter. Coffee gained, while sugar fell.

In the week ended June 5, cocoa deliveries to Ivorian ports fell 48 percent from a year earlier, a document obtained from the industry’s regulator showed. Cocoa futures surged to a 32- year high of $3,775 a metric ton on March 4 after a civil war disrupted shipments.

“Prices get a boost every time you hear about supplies being restricted from Ivory Coast,” said Hector Galvan, a senior trading adviser at RJO Futures in Chicago.

Cocoa for September delivery gained $26, or 0.9 percent, to settle at $2,994 at 12:11 p.m. on ICE Futures U.S. in New York. The contract gained 3 percent last week.

Arabica-coffee futures for September delivery gained 1.8 cents, or 0.7 percent, to $2.723 a pound.

Raw-sugar futures for October delivery fell 0.15 cent, or 0.6 percent, to 24.23 cents a pound.

In London, cocoa futures gained, while refined sugar and robusta coffee declined.

--With assistance from Baudelaire Mieu and Olivier Monnier in Abidjan, Ivory Coast. Editors: Millie Munshi, Daniel Enoch

To contact the reporters on this story: Debarati Roy in Mumbai at droy5@bloomberg.net; Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net


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