Cocoa Whipsaws to Close One of the Wildest Weeks Market Has Seen
- Prices plunged this week, extending pullback from record
- Futures also traded in a huge range amid a lack of liquidity
Cocoa beans in a roasting machine in Paris.
Photographer: Cyril Marcilhacy/BloombergThis article is for subscribers only.
Cocoa futures whipsawed while still on track for its biggest weekly slump on data going back to 1959, as it wraps up one of the craziest stretches the market has ever seen.
“The current market is being impacted by factors beyond supply and demand,” Hershey Co. Chief Executive Officer Michele Buck said Friday in prepared remarks. Lack of liquidity, new regulations, and market speculation have all contributed to the price shifts, the executive added.