Cocoa is finishing the year as the best-performing major CSI Commodity Equity Index of 2024, with its significant annual rise driven by supply concerns and market fluctuations. In the past 12 months, cocoa is expected to record a 175% increase, a surge driven by a series of poor harvests in Côte d'Ivoire and Ghana, the two countries that grow most of the cocoa crops. Global inventories continue to decrease, putting pressure on buyers and chocolate manufacturers. As margin calls rise and hold positions costs continue to increase, record prices have led to liquidity falling to its lowest level in over a decade. The low liquidity in the Futures market has intensified price volatility, with price changes exceeding $1,000 on the most volatile trading days.