May 8 (Bloomberg) -- Cocoa prices rose to a three-week high as the U.S. economy shows signs of stabilizing and a weaker dollar boosts the appeal of commodities.
U.S. employers cut fewer jobs in April than economists estimated, signaling the worst of the recession may be over. The dollar fell to a seven-week low against a basket of six major currencies. The Reuters/Jefferies CRB Index of 19 raw materials extended a rally to the highest in four months. Global equities also advanced.
“Traders started this morning looking at outside markets to see how things will affect cocoa,” said Hector Galvan, a senior trading consultant for RJO Futures in Chicago.
Cocoa futures for July delivery rose $45, or 1.8 percent, to $2,507 a metric ton on ICE Futures U.S. in New York. Earlier, the price reached $2,513, the highest for a most-active contract since April 14.
The chocolate ingredient is up 7.9 percent this week, the biggest weekly gain since early April. Still, the price has dropped 5.9 percent this year as the global recession eroded demand.
To contact the reporter on this story: Yi Tian in New York at ytian8@bloomberg.net.
Last Updated: May 8, 2009 13:11 EDT
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