Cocoa futures fell for the sixth day in a row on Thursday, the longest run of losses since 2022, as improved weather in the main growing region in west Africa takes the heat out of a record price surge.
The most active futures contracts in New York tumbled 5.6 per cent to $7,361 a tonne, and its London equivalent lost 10.3 per cent to ￡7,010 a tonne, as rising hopes that crops in Ghana and Ivory Coast may recover in the coming season trigger a sell-off.
“The years long bull market in cocoa may have finally ended as prices fell by enough to trigger our risk-management liquidation rules,” said Eric Crittenden, chief investment office of Standpoint Asset Management, in his latest monthly update.
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