Money managers switched in the latest week to betting that cocoa will rise in London trading from wagering on a decline, according to figures from the NYSE Liffe exchange.
Money managers were net long, or betting on higher cocoa prices, by 2,532 futures and options contracts as of March 6, according to a report on the NYSE Liffe website. That compares with a net short position, or a wager on a drop, of 1,228 lots a week earlier. The chocolate ingredient declined 4.2 percent in the period.
In robusta coffee, money managers increased net-long positions to 6,501 futures and options from 4,762 contracts a week earlier. The beans fell 2.6 percent in the period.
Money managers’ net-long positions in refined, or white, sugar fell to 9,764 contracts from 10,477 lots in the prior week, according to the exchange. The sweetener dropped 4.7 percent during the week.
In feed wheat, money managers trimmed net-short positions to 437 futures and options from 556 contracts a week earlier, the data showed. The grain rose 1.2 percent in the period.
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