The global cocoa market may be headed for a second year of supply deficit after last season’s shortage tripled from an earlier estimate, amid a dimming production outlook, the International Cocoa Organization said.
Cocoa fell for a third sesion in New York on speculation investors are selling to profit from higher prices as mostly dry weather favors harvesting in West Africa, the world’s main growing region. Sugar gained.
Barry Callebaut AG, the largest maker of bulk chocolate, said it got approval from the European Commission to label products with the claim that a substance in cocoa promotes healthy blood circulation.
European stocks rose, with the Stoxx Europe 600 Index paring its fourth weekly drop, as worse-than- forecast U.S. economic data fueled investor speculation that central banks won’t immediately pare stimulus measures.