Cocoa futures dipped in swaps-related dealings in light volumes but remained near last week’s 32-month peak, underpinned by expectations of a global deficit and concerns over weather and prospects for West African main crops.

“There are concerns that weather, possibly El Nino, could cause some problems to output,” said one London-based cocoa futures broker.

Cocoa had a very nice run for a long time. It’s been heading up since March last year, and while there’s been a few bumps along the way, the trend remains strongly up.