Bloomberg News

Cocoa Traders Reduce Bets on Lower Prices for a Fourth Week

October 24, 2011

(Updates with weekly change in second paragraph.)

Oct. 24 (Bloomberg) -- Money managers reduced their net- short position in London cocoa futures for a fourth week, according to data from NYSE Liffe.

Net-short positions, or bets prices will fall, fell 1.8 percent to 2,805 contracts as of Oct. 18 compared with a week earlier, according to the weekly commitments of traders report published on the exchange’s website today. The positions dropped from 5,688 futures on Sept. 27 as cocoa prices fell 4.3 percent.

In robusta coffee, net-long positions, or bets prices will rise, dropped by 49 percent, to 2,256 contracts, the data show. Coffee fell 0.2 percent over the period from Oct. 11 to Oct. 18.

In white, or refined sugar, money managers increased their net-long position by 39 percent to 4,527 futures, according to the exchange. White sugar rose 6.8 percent over the week.

In feed wheat, speculators increased their net-short position by 9.4 percent to 608 futures, the most since the reports began on Sept. 6, according to the exchange. Feed wheat prices dropped 2.8 percent over the period.

--Editors: Claudia Carpenter, Sharon Lindores

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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