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Natural Gas, Cocoa Pop: Market Bits

NEW YORK ( TheStreet) -- Cocoa was helping to lead commodities Thursday early afternoon on short covering -- extending gains from the past three days.

Cocoa for July delivery was rising 2.2% to $3,136 a metric ton.

"Price movements in the cocoa market lately have been meaningless," says PFGBEST Research analyst Robin Rosenberg. "With hundreds of thousands of tons of cocoa about to flood the market, you would think the market would head lower. Perhaps there are just too many shorts?"

Once the leadership power struggle in the world's leading cocoa-exporting country, the Ivory Coast resolves itself, the market could be flooded with a massive amount of cocoa exports. It will take some time for the country to normalize itself though, Rosenberg said.

"Stop them the shorts out and then we might see a semblance of normality return to the market," the analyst commented.

iPath Dow Jones-UBS Cocoa Subindex Total Return ETN (NIB) was adding 1.9% to $44.34.

Natural gas for May delivery was gaining 2.3% to $4.234 per million British thermal units -- extending gains from the previous day -- after the EIA (Energy Information Administration) reported that inventory built up less than expected on a weekly basis.

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