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Barchart
Rich Asplund

Cocoa Prices Consolidate Recent Losses

Ice ICCO the Ivory Coast London NY Ghana Ivory Coast the International Cocoa Organization

May ICE NY cocoa (CCK26) on Thursday closed down -5 (-0.16%), and May ICE London cocoa #7 (CAK26) closed up +33 (+1.52%).

Cocoa prices settled mixed on Thursday, consolidating above Monday's significant lows.  Dollar strength ($DXY) on Thursday weighed on most commodity prices, including cocoa.  Losses in cocoa were limited on Thursday 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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