Money managers boosted bets on rising prices of cocoa traded in London to the highest level this year in the week ended April 16, according to NYSE Liffe, the derivatives arm of NYSE Euronext.
The net-long position, a wager on a higher market, rose to 27,305 futures and options contracts in the period, the Commitments of Traders report published on the exchange’s website today showed. That’s up from 19,677 contracts a week earlier and the highest net-long position this year, exchange data compiled by Bloomberg showed. The beans used to make chocolate advanced 3.2 percent in the week.
In robusta coffee, money managers reduced bets on higher prices by 13 percent. The net-long position fell to 17,033 contracts from 19,551 a week earlier. The beans used in instant coffee gained 1.7 percent in the week.
Money managers’ net-short position, or bet on lower prices, in white, or refined, sugar rose to 2,490 contracts from 941 a week earlier. The sweetener advanced 2.9 percent in the period.
In feed wheat, money managers increased their net-short position to 305 contracts from 267 a week earlier. The grain lost 1.6 percent in the period.
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