Cocoa futures surged on renewed supply fears as concerns over crops in West Africa persist, resuming a rally that has made the chocolate ingredient one of the hottest commodities of the year.
The most-active cocoa contract in New York climbed as much as 14% – the biggest intraday jump since May. Futures partly offset losses from last week, when market players were seen taking profits on the back of the record high prices. London cocoa gained as much as 14%. Cocoa bean supplies at exchange certified stockpiles continued to dwindle.