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The price of %Cocoa, the active ingredient in chocolate, has fallen a record 27% in two days as traders and companies exit their positions in the commodity.

In media interviews, commodities traders say they can no longer afford to maintain a position in cocoa after the price rose to a record of more than $11,000 U.S. per ton amid a global supply crunch prompted by flooding and droughts in West Africa.

Cocoa prices are down 13% in premarket trading in New York after falling on April 29 by the most ever based on data going back to 1960.

Cocoa’s price is now at $8,300 U.S. per ton and declining. The price drop is a huge reversal after cocoa more than doubled in price since the start of the year.

In recent weeks, cocoa was more expensive than the price of copper.

The rally and increasing volatility made it more expensive for traders and companies to maintain positions and many have chosen to close out trades as April draws to a close.

Consequently, we are now seeing huge price swings in cocoa.

The drama in cocoa prices stems from harvests in West Africa that have been ruined by floods, drought, and crop disease, putting the world on track for a third year of low supplies.

There is hope that the end of an El Nino weather pattern will help global cocoa harvests recover over the next year.

The current price drop is likely to be cheered by chocolatiers such as %HersheyCo (NYSE: $HSY ) that have had to pay extreme prices to secure a reliable supply of cocoa in recent months.

The price drop could also lead to lower prices for consumers who have had to pay extra for chocolate bars and cocoa products used in baking.