Oct. 25 (Bloomberg) -- Cocoa futures rose for the third straight session after a report showed North American processing increased in the third quarter. Sugar fell.
Cocoa-bean grindings climbed 3.4 percent to 124,621 metric tons from a year earlier, the National Confectioners Association said on Oct. 20. Prices have dropped 30 percent from a 32-year high in March on forecasts for increased output in Ivory Coast and Ghana, the world’s top producers.
“Cocoa has been down so much this year, but there’s still demand,” Hector Galvan, a senior trading adviser at RJO Futures in Chicago, said in a telephone interview. “End-users are buying it up at these prices.”
Cocoa for December delivery rose 0.3 percent to $2,636 a metric ton on ICE Futures U.S. in New York. On March 4, the commodity reached $3,775, the highest for a most-active contract since January 1979.
Figures from the Commodity Futures Trading Commission last week showed total long positions by commercial users such as candy makers and chocolate processors rose to 136,630 futures and options contracts, the most since at least 1995, when the data begins.
Raw-sugar futures for March delivery slid 0.6 percent to 26.94 cents a pound in New York. The price has dropped 16 percent this year.
In London futures trading, refined sugar and cocoa rose on NYSE Liffe.
--Editors: Patrick McKiernan, Daniel Enoch
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