Record buying propels cocoa to 20-year high

LONDON: Cocoa climbed to the highest price in at least two decades in London as some investors sought to diversify their assets by buying commodities.

Cocoa for December delivery rose to 2,204 pounds ($3,572) a metric ton on the Liffe exchange, the highest closing price since at least 1989.

"Money is coming back into defensive commodities such as cocoa and coffee," said William Adjadj, a trader with Sucden Financial Ltd in Paris. Standard & Poor's cut its outlook for Spain's debt rating, a day after Fitch Ratings lowered its rating for Greece.