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Cocoa rallies on Ghana supply squeeze, bucking weak trend

MILAN – Cocoa bucked the weakness in other commodities, pushing  above technical support levels as some exports faced a holdu and purchases slowed in the main West African growing region.

New York-traded cocoa futures closed up $27, or 1.1 percent, at $2,447 per tonne. As traders watched the early progress of main crop harvests in West Africa. The market climbed for a second straight day after hitting its 200-day   moving average around $2,352.

Cocoa purchases in Ghana, the world’s second-biggest  producer of the crop, stood at 86,028 tonnes by Oct. 19 in the  first week of the season, down 42 percent from the same period a year ago, trade data showed on Thursday.  The numbers were lower than expected and were helping to underpin the market, traders said.

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