Cocoa Futures Surge More Than 10% as Ghana Production Outlook Rattles Market
After declining steadily for several consecutive weeks, cocoa futures sharply reversed course and surged as poor production prospects in Ghana, a major producing country, rattled the market. New York’s most-active cocoa futures contract rose more than 10%, marking its biggest one-day gain in more than three weeks. Prices approached $6,000 a ton after trading below $5,000 earlier last week, making the rebound particularly striking.
After declining steadily for several consecutive weeks, cocoa futures sharply reversed course and surged as poor production prospects in Ghana, a major producing country, rattled the market.
New York’s most-active cocoa futures contract rose more than 10%, marking its biggest one-day gain in more than three weeks. Prices approached $6,000 a ton after trading below $5,000 earlier last week, making the rebound particularly striking.
New York’s most-active cocoa futures contract rose more than 10%, marking its biggest one-day gain in more than three weeks. Prices approached $6,000 a ton after trading below $5,000 earlier last week, making the rebound particularly striking.