Cocoa plunges most in 13 months
Monday, 10 May 2010
NEW YORK, May 9 (Bloomberg): Cocoa futures plunged the most in 13 months as the rout in global equities dragged most commodities lower. Coffee gained.
The Standard & Poor's 500 Index headed for the biggest weekly decline since March 2009. Greece's debt crisis threatened to spread in Europe, halting a worldwide economic recovery. The Reuters CRB Index of 19 raw materials slumped to a three-month low. The dollar eased against a basket of currencies, ending a four-day rally.
Cocoa futures for July delivery plunged $187, or 5.8 per cent, to $3,016 a tonne on ICE Futures US in New York.
The Standard & Poor's 500 Index headed for the biggest weekly decline since March 2009. Greece's debt crisis threatened to spread in Europe, halting a worldwide economic recovery. The Reuters CRB Index of 19 raw materials slumped to a three-month low. The dollar eased against a basket of currencies, ending a four-day rally.
Cocoa futures for July delivery plunged $187, or 5.8 per cent, to $3,016 a tonne on ICE Futures US in New York.