date:Jan 30, 2013
culative positioning on the futures market that is currently above its multi-year average level.
As a result, the bank pegs its three-, six- and 12-month forecast for ICE cocoa futures at $2300 a metric ton, $2400/ton and $2500/ton respectively. That compares with the bank's earlier forecasts of $2308/ton, $2222/ton and 2438/ton.
The most actively traded contract on the ICE Futures U.S. exchange Friday settled down 0.6% at $2,256 a ton.
On the supply side, Goldman Sachs said longer term, the