ICE Rebuffs Request to Introduce Price Limits on Cocoa Futures

Intercontinental Exchange Inc. refused a request to introduce daily price limits on cocoa after futures surged this year, according to people familiar with the matter.

In a meeting with traders, the exchange argued such limits — commonplace in cotton and grain markets — would make it harder to liquidate positions if needed, said the people, who asked not to be identified discussing private talks. Most participants agreed, the people said.

Cocoa prices have more than doubled this year, breaking record after record as output was hit by bad weather and rampant crop disease in West Africa, which accounts for more ...