Cocoa Prices Plunge 13% as Exporter Hedging Offsets Index Buying

Cocoa in New York plunged the most intraday since July 2024 as exporters took advantage of buying related to index rebalancing to lock in more favorable prices.

Futures fell as much as 13% on Friday, touching the lowest level since Nov. 28. That wiped out gains made earlier in the week tied to the rebalancing of broad commodity indexes, which Peak Trading Research has estimated could draw purchases of about 37,000 cocoa contracts.