Speculators shifted to a net short position in ICE cocoa futures and options, Commodity Futures Trading Commission (CFTC) data showed on Friday, as it
appeared the export ban would soon be lifted in top grower Ivory Coast.
Speculators of U.S. cocoa switched to a net short position of 3,485 lots in the week ending April 5, cutting 6,560 lots, the CFTC said.
It was the first time they were net short cocoa since December 2010. In this time, groups loyal to Ivorian presidential claimant Alassane Ouattara secured the San Pedro port and rival Laurent Gbagbo was isolated behind a military cordon in his bunker after weeks of fighting.
A ban has prevented exports from the country for more than two months, raising supply concerns for cocoa beans.
Speculators cut their net long position slightly in ICE raw sugar futures and options to 91,448 lots, down 726 lots from the previous week. Speculators were net long 15,346 lots in arabica coffee, down a slight 276 lots from the prior week.
They lifted their net long position modestly in cotton by 836 lots to 26,338 lots.
Source: reuters
