Hedge funds go short on cocoa for first time in 4 years
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London
HEDGE funds have finally lost their appetite for cocoa. As traders from Cargill Inc to Olam International Ltd forecast good crops this season, funds turned bearish for the first time in more than four years, according to data published by ICE Futures Europe.
Barry Callebaut AG, the world's largest maker of bulk chocolate, forecasts a surplus for this season; and Rabobank International Ltd said that excess supplies could last into 2017-18.
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