Cocoa prices soar 15pc this week

LONDON, Dec 14 (Reuters): Cocoa prices hit fresh 7-1/2-month peaks on Friday, posting gains for five consecutive weeks as the market remains concerned that this season's supply recovery will not be enough to make up for three seasons of deficit.
Meanwhile, Arabica coffee remained some ways off this week's record high.
New York cocoa futures on ICE settled up $479, or 4.4 per cent, to $11,300 a metric ton. It gained 15 per cent this week. The contract is nearing April's record peak of $11,722, having hit a 7-1/2 month top of $11,365 earlier.
Dealers noted that the weather in top-producing region West Africa has been dry of late, weighing on production expectations.
Also, demand has yet to fall significantly. In Ivory Coast, which vies with the Netherlands as the world's top cocoa grinder, demand is up 1.6 per cent in the two months to November versus a year ago.