🧠 What’s driving it:

• Sharp unwind after last year’s parabolic rally
• Demand destruction at elevated prices
• Broader commodity deleveraging spilling over

📊 Trader lens:

• Cocoa is one of the most crowded trades to unwind
• Once momentum breaks, these markets don’t drip — they gap
• Volatility likely stays elevated even after the drop

⚖️ Context: From gold to silver to cocoa, the message is consistent: the leverage cycle is turning.

Sweet story last year. Bitter tape now.

🍫 #Cocoa #Commodities