“A measure of 60-day price volatility on Thursday climbed to a 13-month high. Cocoa has dropped 16 percent from a four-year high of $3,429 a metric ton on Dec. 7 on indications that pricey beans curbed demand. On Wednesday, aggregate trading volumes for both futures and options rose to records,” according to Bloomberg.

The emerging middle class has made chocolate into an affordable, everyday treat. Meanwhile, new products, improved transportation and better infrastructure have eased the distribution of confections. However, stumbling emerging economies could weight on cocoa demand this year.

iPath DJ-UBS Cocoa TR Sub-Index ETN