Cocoa hits 7-month high in New York, with 15% gains for the week

LONDON (Reuters) - Cocoa prices hit fresh 7-1/2-month highs on Friday, posting five straight weeks of gains as the market remains concerned that this season’s supply recovery will not be enough to offset three seasons of shortfalls. Meanwhile, arabica coffee remained some way off this week’s record high. COCOA * ICE cocoa futures in New York settled up $479, or 4.4 percent, at $11,300 a metric tonne. They have gained 15 percent this week. * The contract is approaching April’s record peak of $11,722, having previously hit a 7-1/2-month high of $11,365. * Dealers noted that weather in the West African growing region has been dry lately, weighing on production expectations. * Demand has also not yet fallen significantly. In Ivory Coast, which vies with the Netherlands as the world’s biggest cocoa processor, demand rose 1.6% in the two months to November from a year earlier. * Cocoa in London rose 3.5% to 8,926 pounds a tonne, marking a weekly gain of 8%. COFFEE * Arabica coffee ...