Premium"Go Long Cocoa": Goldman Tells Clients "Another Rally" Incoming On Global Bean Supply Fears
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Cocoa futures in New York reached fresh record highs on Monday morning amid ongoing global supply concerns, prompting Goldman Sachs to issue a "trade idea" for institutional clients: "Go Long Cocoa."
"Cocoa prices are positioned for significant upside driven by structural supply deficits, under-hedged consumers, and historically low warehouse stocks," Goldman commodity derivatives analyst Hugo Fuentes wrote in a note.
Fuentes continued, "With limited relief from peripheral origins, aggressive short covering, and room for speculative buying, the market is set for another rally."