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Cocoa hits lowest in a month as wild price swings grip market

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Cocoa settled 16% lower at to $8 931 a ton in New York while London cocoa was down 16%.

Cocoa futures tumbled in New York and London, with the market prone to large price swings as fewer and fewer companies can afford rising costs to back their trades.

In London, futures fell last week after Ivory Coast moved to avoid a wave of cocoa-export defaults with a plan to compensate shippers for losses caused by a surprise increase in the price paid to farmers.

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