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.