Cocoa futures rebounded today, with the New York March contract rising by 0.83% and the London December contract falling by 2.06%. The key issue is the decline in cocoa arrivals in Ivory Coast—619,000 tons were delivered from October to mid-November, a decrease of 3.7% year-on-year. Although the weather in West Africa is good and the harvest expectations are pressuring prices, the tight global inventory is a support: cocoa stocks in US ports have fallen to a low of eight and a half months, and Asia's grinding volume in the third quarter is at a nine-year low. Interestingly, Nigeria's production reduction expectation (with next year's output expected to fall by 11%) gives long positions a breathing opportunity. However, the demand side is weak—US chocolate sales have dropped by more than 20%, and Europe's grinding volume in the third quarter has also hit a ten-year low. The Trump administration's cancellation of tariffs on cocoa is also putting pressure on the market. Overall, this rebound is more of a technical stop-loss, as the supply-demand pattern is still leaning towards weakness.