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Cocoa rallies on Ghana supply concerns, raw sugar jumps
Imaduddin
05 May, 2015
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Copyright Reuters, 2015
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![](https://i.brecorder.com/images/2015/05/cocoa-may.jpg">NEW YORK/LONDON: Cocoa futures on ICE rallied more than 2 percent on Tuesday after government sources in Ghana revised down their crop estimate, while raw sugar jumped late in the session as perceptions about the record May delivery turned bullish.</P><P>Arabica coffee futures nudged higher, rising for the first time in four sessions.</P><P>Senior government sources in Ghana, the world's second biggest cocoa grower, said the country's 2014/15 cocoa output will be no more than 700,000 tonnes, down from the previous estimate of 850,000 tonnes.</P><P>July New York cocoa settled up $68, or 2.4 percent, at $2,943 per tonne. London July cocoa ended up 35 pounds, or 1.8 percent, at 2,022 pounds per tonne, after rising to 2,028 pounds, the highest for the second position since March 9.</P><P>The sources also said Ghana cocoa industry regulator Cocobod purchased 559,169 tonnes in the first 28 weeks of the season, down sharply from a year earlier.</P><P>)
