Cocoa Climbs, Trimming Big Weekly Drop Driven by Too Much Supply
A farmer attends to cocoa beans drying on a rack at a farm in Kwabeng, Ghana.
Photographer: Paul Ninson/BloombergCocoa rose in New York, cutting another large weekly slump driven by too much supply as traders held off purchases and beans piled up in West African warehouses.
Futures rose as much as 3.1% on Friday, after holding below a technical level since last week that suggested the market became oversold. Prices are still down about 15% this week after reaching the lowest since mid-2023. Since hitting a record in 2024 following poor harvests, cocoa has slumped roughly 75% as supplies improved and demand from consumers and traders weakened.