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Cocoa Prices at 5-Weeks High; Gold Climbed to Record

November 11, 2009 at 23:18 by Vladimir Vyun

Cocoa prices reached the highest level in five weeks in London as dwindling stockpiles caused concern that supply for chocolate manufacturers doesn’t meet demand. Inventories of beans in warehouses monitored by the Liffe exchange slid 29 percent in the period from October 5th through November 2nd, despite start of harvests in Ivory Coast and Ghana, the largest producers in the world. March delivery for cocoa gained 1.5 percent to $3,187 per ton on ICE Futures Inc. in New York.

Gold climbed to a record in all times in New York and London after the dollar fell today. Gold gained 27 percent this year. The metal should not drop below $1000 because central banks print money to help fund budget deficits.

If you have any questions and comments on the commodities today, use the form below to reply.

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