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Cocoa Falls After Reaching Record on Concerns About Economic Growth

January 28, 2012 at 5:57 by Vladimir Vyun

Cocoa dropped on concerns about the European crisis and the slower-than-expected economic growth in the United States. Traders remained concerned about the potential outcome of talks among Greece and its creditors. US gross domestic product rose 2.8 percent in the last quarter, while the expected growth was 3.0 percent. It’s still better than the 1.8 percent advance in the third quarter of 2011.

Earlier, the agricultural commodity reached the highest price since November as European NYSE-monitored stockpiles fell 1.8 percent since January 9. Additionally, concerns that dry weather in Ivory Coast will hurt output were boosting prices.

Cocoa closed at $2,361 per metric ton on ICE, falling from the opening of $2,452. Intraday, the price reached $2,480 — the highest level since November 14.

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