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Cocoa Falls & Cotton Rises with Changes in Demand

April 23, 2010 at 21:34 by Vladimir Vyun

Cocoa advanced on a concern that an increasing demand will boost a global supply deficit. The demand will exceed the supply by 124,000 metric tons in the year ending September 30th. The prices were also spurred by reports of below average amount of rains in the Ivory Coast. July delivery for cocoa advanced $33 (1.1 percent) to $3,172 per ton by 10:19 on ICE Futures U.S. in New York.

Cotton gained on a speculation that a demand will rise after India, the second biggest supplier in the world, halted exports of the commodity. The India’s export ban may affect as many as 2.5 million bales according to the Cotton Association of India. Signs of a widening economic recovery also boosted the prices. July delivery for cotton gained $0.0116 (1.4 percent) to $0.8598 per pound as of 10:21 on ICE.

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