交易员还面临着维持头寸的成本不断上升的问题，这迫使大量押注被平仓。11月份，未平仓合约总量降至10年来的低点，流动性的减少可能会继续加剧未来的市场波动。The cocoa Futures prices in New York have reached a new high, which may increase the cost pressure faced by chocolate manufacturers and consumers.
According to Zhitong Finance APP, due to renewed supply concerns, cocoa Futures prices in New York have hit a new high, potentially increasing the cost pressures faced by chocolate manufacturers and consumers. The main cocoa Futures contract rose by 4.1% on Monday, reaching $11,768 per ton. In 2024, cocoa Futures prices more than doubled, forcing Confectioners such as Hershey to raise their prices.
Earlier this year, cocoa prices surged as the Global supply faced shortages for the third consecutive time due to poor harvests in the main production center, West Africa. After an easing in price trends, cocoa prices recently resumed an upward trend due to adverse weather further threatening farms in the region, limiting the opportunity to rebuild the already low Global inventory.
Traders also face the problem of rising costs to maintain positions, forcing many bets to be liquidated. In November, the total outstanding contracts fell to a ten-year low, and the reduction in liquidity may continue to exacerbate future market volatility.
Long-standing challenges in the Industry, including crop diseases and low farmer incomes, have intensified the challenges in cocoa supply. Newly planted crops also require several years to bear pods, delaying a significant rebound in production.
It is reported that rising cocoa prices have impacted Hershey. Last month, Hershey downgraded its net sales growth and earnings forecast as consumers began to watch their budgets under inflationary pressures. Hershey's Chief Financial Officer Steve Voskuil stated that by 2025, cocoa will become the company's "largest component" of rising costs.
