Bloomberg News

Cocoa Traders Trim Bets on Price Drop in London by Oct. 4

October 10, 2011

(Updates with white sugar in sixth paragraph.)

Oct. 10 (Bloomberg) -- Hedge-fund managers and other large speculators reduced their net-short position in London cocoa futures by Oct. 4 from a week earlier, NYSE Liffe data show.

Speculative short positions, or bets prices will fall, outnumbered long positions by 5,062 contracts on NYSE Liffe, exchange data published today showed. Net-short positions fell by 626 contracts, or 11 percent, from a week earlier.

Growers, processors and other commercial users were net- long 18,981 contracts, more than double from the previous week, according to the data on the exchange’s website.

In feed wheat, speculators increased their net-short position by 17 contracts, or 3.4 percent, the data showed. Speculative short positions, or bets prices will fall, outnumbered long positions by 520 contracts on NYSE Liffe, according to the data.

Commercial users decreased their net-short positions by 632 contracts, or 97 percent, exchange data show.

In white, or refined sugar, the managed money decreased its net-long position, according to the data. Speculative long positions outnumbered short positions by 4,334 contracts on NYSE Liffe. Net-long positions fell by 651 contracts, or 13 percent, from a week earlier, the data showed.

Growers, processors and other commercial users were net- short 10,514 contracts, up from 10,187 contracts, or 3.2 percent, from the previous week, according to the data.

In robusta coffee, the managed money decreased its net-long position by 1,337 contracts, or 15 percent, the data show.

Speculative long positions outnumbered short positions by 7,617 contracts. Commercial users were net-long 18,908 contracts, down from 19,885 contracts, or 4.9 percent, the previous week, according to the data.

--Editors: Claudia Carpenter, Dan Weeks

To contact the reporter on this story: Isis Almeida in London at ialmeida3@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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