Cocoa Rebounds as Traders Eye Buying Amid Index Rebalancing
A worker harvests cacao pods at a farm in Eunapolis, Bahia state, Brazil.
Photographer: Dado Galdieri/BloombergCocoa rebounded from the lowest in almost two weeks in New York, amid expectations of looming index-related buying and lingering uncertainty over supplies.
Futures gained as much as 2.7% to rise just over $6,000 a ton on Monday, after earlier in the session touching the lowest since Dec. 9. Cocoa futures are among the most oversold agricultural markets, according to Peak Trading Research founder Dave Whitcomb, making them vulnerable to a rebound.