-- 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.
-- Indonesia’s GoTo Group reported a narrower quarterly loss after handing over its e-commerce business to TikTok to accelerate cost reductions.Most Read from BloombergTesla Soars on Tentative Approval for Driving System in ChinaStocks Trade for 390 Minutes a Day.
Germany’s biggest lender got a shock when a preliminary ruling suggested it could be on the hook for a massive fine. -- Boeing Co. has received about $77 billion in orders for its first bond sale since the planemaker reported a quarterly loss and $3.9 billion of cash burn, and Moody’s Ratings cut the company’s credit rating to a step above junk. Most Read from BloombergTesla Soars on Tentative Approval for Driving System in ChinaStocks Trade for 390 Minutes a Day.