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Cocoa Nears Four-Month Low as Crop Markets Slide on Virus Worry

  • New virus variant fuels fears of hit to economic recovery
  • Commodities pressured as U.S. markets reopen after holiday
    
Photographer: Nadirah Zakariya/Bloomberg
Updated on

Soft commodities from cocoa to cotton slipped and Paris wheat futures fell as worries about a new coronavirus variant fueled a selloff across financial markets.

Most commodities were under pressure on fears the variant identified in South Africa could hurt the global economic recovery. Cocoa fell as much as 3.1% in New York -- nearing a four-month low -- as U.S. markets reopened after the Thanksgiving holiday. Arabica coffee pulled back from a decade high and cotton dropped too.