Cocoa Slumps 17% as Wild Price Swings Grip Market

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Bloomberg Berita

Ivory Coast,Cocoa Futures

(Bloomberg) -- Cocoa futures tumbled almost 17% in New York and slumped in London, with the market prone to large price swings as fewer and fewer companies...

-- Cocoa futures tumbled almost 17% in New York and slumped in London, with the market prone to large price swings as fewer and fewer companies can afford rising costs to back their trades.The most-active contract fell to as low as $8,800 a ton in New York, extending last week’s declines. That’s the biggest intraday drop in data going back to 1960. The market has been volatile, with prices dropping one day and surging the next.

Increases in margin requirements for trading and a large reduction in the number of outstanding contracts “opens up more space for trend reversals, with fewer players being able to drive more abrupt movements,” said StoneX analyst Leonardo Rossetti.Bean supplies may get some minor relief as rains in West African growing areas could provide some benefit for the region’s upcoming mid-crop harvest.

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