Cocoa contract

March cocoa futures shot up to a new life-of-contract high on heavy fund buying in the face of good trade and manufacturer selling, trader said. Nearby March cocoa overcame resistance around $1,420 per tonne and was up $33 at $1435. Traders see no nearby resistance until the $1,455 area.
Cocoa prices have soared $553, or nearly 63 %, from their $882 intraday low set July 112 as industry ideas about the size of the key West African crops have been reduced by bad weather and disease.

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