Reported 7 months ago
Cocoa futures dropped by 11% in New York, experiencing the largest intraday decline in a month before partially recovering amid ongoing market volatility. This decline follows a recent three-day rally that had driven prices above $10,000 per ton for the first time since April. The surge in prices this year was prompted by poor harvests in Ivory Coast and Ghana, leading to supply shortages and concerns about exporters meeting their contracts. Although Ghana projects cocoa crop recovery next season, there are lingering uncertainties about future bean availability and potential delays in deliveries.
Source: YAHOO