Cocoa prices bounced back Monday after falling to their lowest level since August last week.
Futures for March delivery rose 1.3% to $1,912 a ton, climbing back above the key $1,900 psychological and technical level.
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Recent data on cocoa from the Ivory Coast arriving at ports was low, indicating less production from one of the world's largest producers, said Peter Mooses, a senior market strategist at RJO Futures in Chicago. Concerns that the market will be well-supplied had weighed on cocoa in recent sessions.
Still, Mr. Mooses says he doesn't think prices will sustain a move above $1,900 unless more bullish data is released.
"$1,900 is going to be that tough level we're going to have to get over again," he said. "It's been like a magnet, where we see that sideways trading."
For the year, prices have fallen roughly 10%, with analysts attributing recent losses to traders selling after overestimating demand for the main ingredient in chocolate.
In other markets, arabica coffee for March declined 2.1% to $1.200 a pound. March raw sugar shed 0.7% to 13.95 cents a pound, January frozen concentrated orange juice was down 1.2% at $1.51 a pound and March cotton fell 1.2% to 72.86 cents a pound.
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(END) Dow Jones Newswires
December 11, 2017 14:52 ET (19:52 GMT)