February 21, 2025 16:02 GMT
CONSUMER STAPLES: Barry Callebaut; cocoa falls
CONSUMER STAPLES
(BARY 29s; Baa3/BBB-; Stable) (equities +3%)
Some changes to margin requirements by the exchange may be having some impact. We would caution reading into short-term vol too much; Barry does expect a dip in late April/early May on exchange changes that it says will limit HF activity. Similar changes last year caused prices to fall -30% before heading +100% in the final 2-months of the year.
- Front futures: £7.4k, -6%
- Dec futures: £6.4k, -7%
- vs. our leverage assumptions done against £9k/t
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