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Rich Asplund

Cocoa Prices Climb on Dollar Weakness and Higher Shipping Costs

Ice Ivory Coast ICCO London NY Ghana the International Cocoa Organization

May ICE NY cocoa (CCK26) on Wednesday closed up +45 (+1.49%), and May ICE London cocoa #7 (CAK26) closed up +34 (+1.59%).

Cocoa prices settled higher on Wednesday, recovering from Monday's significant lows. Dollar weakness ($DXY) on Wednesday sparked some mild short covering in cocoa futures. Cocoa also has support amid concerns that higher shipping costs will curb cocoa exports and limit supplies. The war in Iran has halted most shipping traffic through the Strait of Hormuz, boosting global shipping rates, insurance, and fuel costs, thereby raising cocoa importers' costs.

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