Money managers boosted bets on rising prices of cocoa traded in London to a 12-week high, according to NYSE Liffe, the derivatives arm of NYSE Euronext.
The net-long position, a wager on a higher market, rose to 17,216 futures and options contracts in the week ended April 2, the Commitments of Traders report published on the exchange’s website today showed. That’s up from 14,688 contracts a week earlier and the highest net-long position since Jan. 8, exchange data compiled by Bloomberg showed. The beans used to make chocolate advanced 1.7 percent in the period.
In robusta coffee, money managers reduced bets on higher prices by 23 percent. The net-long position fell to 24,632 contracts from 32,188 a week earlier. The beans used in instant coffee slid 3.3 percent in the week.
Money managers’ net-short position, or bet on lower prices, in white, or refined, sugar fell to 95 contracts from 1,034 a week earlier. The sweetener slid 2.2 percent in the period.
In feed wheat, money managers reduced their net-short position to 310 contracts from 371 a week earlier. The grain lost 1.8 percent in the period.
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