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New Records of Cocoa & Cotton, Weekly Gain of Copper

March 4, 2011 at 23:47 by Vladimir Vyun

Cocoa rallied to the highest price since 1979 on the concerns that the political tensions in Ivory Coast will curb supplies. Incumbent President Laurent Gbagbo refused to give away power to his rival Alassane Ouattara after the elections. The probable civil war would likely be negative for cocoa supply. May delivery for cocoa rose $14 (0.4 percent) to $3,747 per metric ton as of 7:31 on ICE.

Cotton jumped to the record today on the prediction that demand will continues to exceed supply. US exports of cotton climbed 56 percent to 403,341 bales in the week ended February 24 from the previous week. The National Bureau of Statistics reported that production in China, the largest consumer in the world, slid 6.3 percent in 2010. Prices more than doubled last year. May delivery for cotton advanced by the exchange limit of $0.07 (3.4 percent) to $2.127 per pound, the all-time record, by 14:47 on ICE.

Copper headed to its first weekly gain this month as the signs of the global recovery outweigh the concerns about the situation in Middle East. The positive reports from the US, especially the employment data, bolstered the confidence in good state of the economy. Futures for copper traded at $4.5105 per pound on COMEX after advancing 0.5 percent to $4.5120.

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