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(March 22, 2002) COCOA: May cocoa gained $25 per tonne to $1535 in active trading prompted by various reports emanating from the Ivory Coast. Locals were bucking the tide both ways and caught in the middle of producer and commercial trade. Reports by the Ivory Coast’s marketing body, BCC, claiming estimates of 2001-02 cocoa mid-crop reaching 241,000-270,000 tons compared with 240,000 tons previous season were doubted by traders and the trading became hectic as locals continued to try to jump the gun on commercials. While we had favored the long side in cocoa from the $1150 per tonne range, we moved to the sidelines some time ago and based on the apparently unreliable fundamentals for the time being, we remain on the sidelines until the fundamentals become clearer.

John L. Caiazzo
www.acuvest.com
E-mail: futures@acuvest.com

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