Commodities
Cocoa Jumps as Market Weighs Hershey Ask for Huge Exchange Buy
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Cocoa futures surged, reversing losses from the prior session, on news that chocolate maker Hershey Co. is seeking permission for a large purchase through the New York exchange.
The most-active contract rose as much as 10.1% in New York on Thursday. Prices had fallen as much as 7.7% on Wednesday after Bloomberg reported that the maker of Reese’s Peanut Butter Cups wants to take a position that will allow it to purchase more than 90,000 metric tons of cocoa on ICE Futures US, citing people familiar with the matter.