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Cocoa ends higher

NEW YORK: CSCE cocoa ended higher on Friday as speculators moved into the market to cover short positions despite reports of record Ivorian arrivals.

"The speculators have definitely showed a renewed interest in cocoa, and the trade and industry panicked a little bit and chased the market," a trader said. "Two weeks ago they were fairly confident there was enough cocoa to meet futures commitments, but they were less confident now and that showed."

July cocoa settled $18 higher at $1,376 a tonne, traded $1,390 to $1,372.

Some industry observers expected next week's U.S. first quarter cocoa grind figures to be higher than the same quarter last year, but not as high as some expected because of start-up problems at one factory.

Earlier today exporters said Ivory Coast cocoa arrivals have passed the one million-tonne mark for the first time.

However, some U.S. commentators noted that two sets of arrivals figures were being bandied about, but delays in shipments due to administrative changes may mean large stocks left at the port at the end of April, traditionally the close of the main cocoa shipping period.-Reuter