Cocoa Prices Fall as Ivory Coast Output Nears Record
Cocoa fell in New York on speculation supplies from top producer Ivory Coast will be larger than initially estimated, Bloomberg reported. Coffee and sugar slid. Output in Ivory Coast may exceed 1.4 million metric tons in the current season, topping a previous record set in the 2003-04 marketing season, Commerzbank AG estimates. Cocoa deliveries to ports in the country rose 24 percent from a year earlier to 1.331 million tons in the season to July 17, a document obtained from the industry’s regulator showed. Cocoa for September delivery lost $18, or 0.6 percent, to $2,997 a ton by 7:32 a.m. on ICE Futures U.S. in New York. Cocoa for September delivery slipped 2 pounds, or 0.1 percent, to 1,871 pounds ($3,064) a ton on NYSE Liffe in London.