Cocoa rose to the highest level in almost a year in New York on speculation supplies won’t be enough to keep up with demand. Arabica coffee gained.
Global cocoa demand will exceed supply by 209,000 metric tons in the season ending Sept. 30 and 188,000 tons next season, estimates KnowledgeCharts, a unit of Commodities Risk Analysis in Bethlehem, Pennsylvania. Cocoa grind advanced 6.1 percent in Europe in the second quarter and 12 percent in North America, according to the European Cocoa Association in Brussels and National Confectioners Association in Washington.
“With cocoa grind posting strong growth across regions, 2013-14 will likely feature a second consecutive draw on global inventories and support cocoa prices,” Damien Courvalin, an analyst at Goldman Sachs Group Inc. in New York, said in a report e-mailed today.
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