The biggest drop was recorded in the price of cocoa, as it dropped by 27% in just two days. According to Bloomberg, the intense volatility in the price of cocoa has become more intense in recent days.

Futures contracts cocoa fell 13% in New York on Tuesdaysince the previous day they had marked the biggest decline in history (since 1960 when data began to be recorded).

This drop in cocoa prices is a turnaround from earlier this month, when they had hit record highs of over $11,000 a tonne due to supply shortages.

Of course, even after the recession, cocoa prices remain at levels almost twice what they were at the beginning of the year. The rally made it more expensive to hold positions and prompted investors to close them, which affected liquidity and made the market more vulnerable to large price swings.

Rising prices even made cocoa more expensive than copper, with the big question on investors’ lips being “how much higher can they go”

Hedge-fund manager Pierre Andurand, known for his successful oil predictions, bet on higher cocoa prices ahead of the recent massive rally. He predicted futures prices would break the $20,000 barrier this year.

The crops in West Africa they have been affected by various diseases but also by bad weather conditions, leading to a significant lack of supply.