Commodities
Cocoa Hits 4-Month Low on Prospects of Weak Demand, Supply Boost
- Potential La Niña could help crops as prices pressure demand
- Analysts see potential surplus or narrower deficit next season
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Cocoa futures fell to the lowest in more than four months as traders weigh improved supply in the next season against the prospects of weaker demand.
The most-active contract fell as much as 4.4% to $6,650 a ton in New York, the lowest price since early March. Futures are down about 13% this month after more than doubling earlier this year, as the end of the El Niño weather pattern and a potential shift to La Niña is set to boost production.