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Behind a record surge in cocoa prices this year, a corner of financial markets that drives the cost of chocolate underwent a seismic shift: the hedge funds that oiled its workings headed for the exit. Confectionery prices, from candy bars to hot chocolate, are heavily influenced by futures contracts for cocoa beans. In the middle of last year, hedge funds - a class of investors that use privately pooled money to make speculative bets - started pulling back from trading cocoa futures because price swings in the market were raising their cost of trading and making it harder to make profits.

Futures markets have seen a record-breaking run in cocoa prices in 2024, a surge exacerbated by the hedge funds that provide much of their liquidity heading for the exit. Here are some facts on futures markets, including how they operate and the main players. Cocoa beans are the vital ingredient in chocolate.

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Federal Reserve chair Jerome Powell said he was uncertain as to how Trump’s proposed policies would impact the economy.

“We believe the root cause of the morning’s crash to be the market’s overly bullish positioning,” QCP traders said in a Friday note.

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