Cocoa Gains as Workers in Ivory Coast Continue Stikes
Cocoa gained on Friday amid concerns that a strike by cocoa workers in Ivory Coast, the world's top cocoa producer will reduce supply.
Cocoa for May delivery increased by 3.4 percent, or 50 pounds, to 1,525 pounds ($3,093) a metric ton on the Liffe exchange.
Cocoa prices have increased by 42 percent since the start of this year.
Cocoa futures for May delivery declined by 0.7 percent, or $20, to $2,902 a ton on the ICE Futures, U.S.
Employees protesting at cocoa and coffee warehouses blocked bean exports for a fifth day from Ivory Coast's capital, Abidjan, demanding for salary increase.
Cocoa inventories in Europe increased by 15 percent in the last two weeks.
According to the International Cocoa Organization, global cocoa consumption was forecasted to surpass demand by 51,000 tons this season.
White or refined sugar for May delivery increased by 0.3 percent, or $1.20 percent, to $359 a ton.
Sugar prices have increased by 14 percent since the start of this year.
Global sugar production was forecasted to surpass demand by 2.86 million tons between 2008 and 2009.
Robusta coffee for May delivery declined by 2.1 percent, to $2,697 a ton on Liffe exchange.
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