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Prices rose 9% last week, with fund managers increasing their net bullish bets to a three-week high.
According to Bloomberg, the most active futures contract in New York was down 7.7% to US$8,207 per tonne, while the London contract was also down. White sugar prices also fell, while robusta coffee rose.
In Ghana and northern Indonesia, the rains "should improve conditions quite a bit", Donald Keeney, senior meteorologist at Maxar Technologies Inc. Ivory Coast will also benefit from wet weather, according to Keeney, but still needs more rainfall to fully end the drought affecting crops.
Rising cocoa prices impact coffee: pros and cons of trading both commodities. Moisture shortages in major cocoa producing countries in West Africa have affected supply in a market already affected by aging trees and disease.
However, some anticipate that the record high reached in mid-april represents the high point of this unprecedented increase. Year to date, forward contracts are down as much as 8.6%.
Translated by: A.M