Commodities

Cocoa futures prices soared nearly 7% Friday on New York’s Coffee, Sugar & Cocoa Exchange in a rally led by trade houses amid rumors of a large cocoa purchase by the Soviet Union.

On other markets, orange juice futures fell sharply; precious metals made strong gains; energy futures lost ground; grains and soybeans were lower; livestock and meat futures were mixed; and stock index futures retreated.

Cocoa settled $77 to $94 higher, with the contract for delivery in March at $1,461 a metric ton. A metric ton is 2,205 pounds.