Cocoa traded in the US has also been rising, although not as strongly because of the strength of the dollar.
Most commodities are priced in dollars, even in London trading, but London cocoa is priced in sterling, so traders can benefit from the weaker currency. "Cocoa is on fire," said Sterling Smith from FuturesOne in Chicago.
There are concerns about falling cocoa production in Africa, while demand for cocoa is holding up much better than other commodities in the downturn.
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