After hitting a fresh record high on Monday, cocoa priceshave slumped 13% — a sharp fall in just three days. But experts say the market remains in critical short supply, which is why Valentine's Day chocolates were so expensive.
Meanwhile, hedge funds continue to build up long positions.
Despite the slump over the past three days, the U.S. cocoa futures price has jumped 43% to $5,999 a tonne since the start of the year. Four days ago it hit a fresh record high of $6,929.
This is particularly hard on companies such asHershey Co (NYSE:HSY). The company reported earlier this...
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