"London has to contend with decent hedging from Ivory Coast and Ghana and that has narrowed the arbitrage," one London cocoa dealer said.
ICE December cocoa CCc1 was up $35 or 1.3 percent at $2,700 a tonne. The market dipped to $2,523 on Oct. 18, the lowest level for the front month in more than two years.
Dealers said the recent run-up had helped to improve the technical outlook while funds continued to trim their net short position on ICE. December cocoa on Liffe rose 19 pounds or 1.15 percent to 1,673 pounds a tonne.
Ivory Coast's cocoa industry reform will guarantee that farmers receive at least 60 percent of the market price for the cocoa they produce, Agriculture Minister Coulibaly Sangafowa said on Thursday For the latest updates PRESS CTR + D or visit Stock Market news Today
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