Cocoa Prices Plummet on Ample Near-Term Supplies

December ICE New York cocoa futures fell 408 points, or 7.07%, to a seven-week low, while December London cocoa futures dropped 282 points, or 6.63%. The selloff reflects expectations for ample near-term cocoa supplies, extending price pressure seen over the prior two weeks. The decline is materially bearish for cocoa prices and relevant to commodity traders and cocoa-exposed producers.