Cocoa Rises with Increasing Demand; Copper Falls
Cocoa gained today on an outlook that a demand will exceed an output as exports from Cameroon dropped. Cameroon shipments of cocoa fell as much as 35 percent in March, while the global production won’t be enough to satisfy a demand in the 2009–10 season. July delivery for cocoa rose $18 (0.6 percent) to $3,211 per metric ton by 10:02 on ICE Futures U.S. in New York.
Copper dropped on speculation that the global recovery will be slowed by spreading debt problems in Europe, resulting in a lower demand for raw materials. Credit ratings of Greece, Portugal and Spain were lowered this week. A concern about a budget deficit is contaminating European countries, hurting markets. July futures for copper delivery slid $0.02 (0.6 percent) to $3.3665 per pound as of 10:14 on the Comex.
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