Cocoa extended a slump in London and New York, dropping 26% over the past two days, following a record-breaking rally.
The most-active contract fell as much as 13% to $7,756 a ton in New York, following Monday’s 16% drop. Prices declined 12% in London.
The plunge in prices comes as the number of outstanding contracts keeps declining, with aggregate open interest nearing the lowest in over a decade, according to data compiled by Bloomberg.
Source:bloomberg