May 7 (Bloomberg) -- Cocoa futures rose the most in a month as a weaker dollar boosted the appeal of commodities in New York.
The U.S. Dollar Index, a six-currency gauge of the dollar’s strength, fell as much as 0.5 percent. The Reuters/Jefferies CRB Index of 19 commodities reached a four-month high, led by natural gas, cocoa and wheat. Crude-oil futures touched the highest in almost six months in New York.
“Since the dollar is lower, it’s going to be bullish for cocoa,” said Adam Klopfenstein, a senior market strategist in Chicago for MF Global’s Lind-Waldock unit. “Also, we are seeing energy markets up.”
Cocoa futures for July delivery soared $94, or 4 percent, to $2,462 a metric ton on ICE Futures U.S. in New York, the biggest gain for a most-active contract since April 7. The price earlier touched $2,469, the highest since April 24.
Cocoa still has fallen 7.6 percent this year as the world recession eroded demand.
“All signs continue to point toward there being a significant reduction in global consumption, with recent figures coming out of Asia all supporting this assumption,” Stephanie Garner, a Sucden Financial Ltd. analyst, said today in a report.
To contact the reporter on this story: Shruti Date Singh in Chicago at ssingh28@bloomberg.net.
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