Investors reduce cocoa bets to 7-week low

01/6/2014 | Bloomberg Businessweek

Cocoa bets traded in London hit a seven-week low as bean arrivals to the Ivory Coast ports increased, according to NYSE Liffe. Deliveries rose 41% from Oct. 1 through Dec. 29, according to estimates, and hit 903,000 metric tons, compared to 639,000 metric tons the previous year. “Commodity funds have been long this market for quite some time, but after spiking to new highs in November, the market has stagnated. Anticipation of bearish revisions to the balance sheet could spark a broad liquidation, which may have already begun," said Sholom Sanik, an analyst for Friedberg Mercantile Group.

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