SINGAPORE: The chance of an El Nino weather event developing in 2014 now exceeds 70%, Australia's Bureau of Meteorology said on Tuesday, raising the prospect of damaging floods and droughts across the globe.
Global cocoa prices have rallied to 2½-year highs on worries El Nino could return in 2014, while other agricultural commodity markets could also be hit by the spectre of the weather anomaly.
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