Cocoa Futures Drop to Seven-Month Low on Ample Supplies
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Cocoa futures fell to the lowest in seven months, entering a bear market, on signs of abundant supplies from Ivory Coast, the world’s top producer. Coffee, orange juice and sugar also dropped, while cotton rose.
Cocoa exports from the western Ivorian port of San Pedro climbed 54 percent in January from a year earlier, harbor data showed. On Feb. 13, inventory at warehouses monitored by the ICE Futures U.S. jumped 4.6 percent, the most in a year, the latest figures showed. Prices are down 20 percent from a 10-month high reached in September, marking the start of a bear market.