Cocoa prices dropped with the market pressured by expectation for a global supply surplus on the back of favorable West African harvests.
Futures slid as much as 4.2% in New York and London on Monday, paring some gains last week when traders may have covered large short positions. New York futures have slumped about 50% from a record set in December, on projections for a bigger surplus in the current season and concern about weak demand.