Bloomberg reports that "Copper rose for a third day as investors await inflation figures from the U.S. and manufacturing data from China, the world's largest users of industrial metals. The contract for delivery in three months on the London Metal Exchange gained as much as 0.3 percent to $6,926.75 a metric ton and was at $6,913 by 3:09 p.m. in Hong Kong. It advanced 0.5 percent to $6,905 yesterday, the highest close since Aug. 12. Annual consumer-price inflation slowed to 2 percent in July from 2.1 percent in June, according to a Bloomberg News survey of economists before today's Labor Department report. A gauge of Chinese manufacturing from HSBC Holdings Plc and Markit Economics on Aug. 21 will show a preliminary August reading of 51.5, marking a third month of expansion, according to a separate survey.
Cocoa prices hit the highest level since 2011, Reuter's reports that cocoa futures in New York and London touched their highest levels in more than three years on Monday on a mix of speculator and trade buying, despite signs of available supply and an expected surplus.
Raw sugar on ICE Futures U.S. tumbled to a six-month low due to technical weakness and hefty nearby supplies, and Arabica coffee futures eased. Liffe December cocoa futures finished up 4 pounds, or 0.2 percent, at 2,044 pounds per ton after touching 2,046 pounds, a contract high and the strongest for the second-month since July 2011. Benchmark December ICE cocoa futures rose to $3,269, the highest since May 2011, before settling up $17, or 0.5 percent, at $3,260 a ton.
The buying came despite a boost seen in cocoa arrivals at ports in top producer Ivory Coast, an indication of available supplies. They reached 1.7 million tons by Aug. 17, 20 percent more than the same period in 2013, according to exporter estimates.