Cocoa fell for a third day in London on speculation that rain is helping boost crop prospects in Ivory Coast, the world’s largest grower.
Bloomberg report Friday showed that cocoa for July delivery dropped 0.9 percent to 1,439 pounds ($2,191) a metric ton by 10:25 a.m. on NYSE Liffe in London. Prices in New York fell 0.8 percent to $2,125 a ton, the fourth consecutive decline. The Daloa region, which accounts for about a third of Ivory Coast production, had three times more rain from March 21-31 than a year earlier, according to the National Meteorological Service. The Standard & Poor’s GSCI gauge of 24 commodities was down 3.3 percent last week, making it the biggest weekly decline since October.
“There was some concern dry weather would have a negative effect in Ivory Coast so the rain may be easing those concerns,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt told Bloomberg. “Cocoa is getting caught up with selling of many commodities.”