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Cocoa Prices Surge 20% in Two Days, Largest Rally Since 1999
May 8, 2024, 10:55 AM
Cocoa prices have experienced unprecedented volatility, with significant price swings occurring within short periods. Recently, cocoa futures in New York saw a major increase, gaining almost 20% in just two days and soaring 13.47%, marking the largest rally since 1999. This surge followed a steep drop last week when prices plunged more than 15% in a single day, the biggest decline in 65 years. The market's extreme fluctuations have been attributed to low liquidity and significant supply shortages, with cocoa prices jumping more than $1000. Additionally, robusta coffee prices have reached a 45-year high due to adverse weather conditions in Vietnam, a major producer, and increasing demand from China.
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