Cocoa futures rise to 10-week high
Monday, 19 July 2010
NEW YORK, July 18 (Bloomberg): Cocoa futures rose to a 10-week high after a report showed North American consumption climbed. Coffee prices were little changed.
The cocoa grind, an indication of demand, rose 12 per cent in the second quarter to 117,657 metric tonnes from a year earlier, the Washington-based National Confectioners Association said Friday. The figure jumped 16 per cent in the first quarter. Cocoa prices have gained 18 per cent in the past 12 months.
Cocoa for September delivery climbed $21, or 0.7 per cent, to $3,165 a tonne on ICE Futures US in New York. Earlier, the price reached $3,210, the highest level for a most-active contract since May 6. This week, the commodity gained 5.6 per cent, the most since late April.
The cocoa grind, an indication of demand, rose 12 per cent in the second quarter to 117,657 metric tonnes from a year earlier, the Washington-based National Confectioners Association said Friday. The figure jumped 16 per cent in the first quarter. Cocoa prices have gained 18 per cent in the past 12 months.
Cocoa for September delivery climbed $21, or 0.7 per cent, to $3,165 a tonne on ICE Futures US in New York. Earlier, the price reached $3,210, the highest level for a most-active contract since May 6. This week, the commodity gained 5.6 per cent, the most since late April.