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Rich Asplund

Cocoa Prices Edge Higher as Strait of Hormuz Remains Closed

Ice NY the Ivory Coast London Ghana ICCO the Strait of Hormuz

May ICE NY cocoa (CCK26) today is up +24 (+0.74%), and May ICE London cocoa #7 (CAK26) is up +20 (+0.83%).

Cocoa prices are moving higher today, with NY cocoa posting a 1-week high. The closure of the Strait of Hormuz is supportive for cocoa prices as it has reduced fertilizer supplies, boosted global shipping rates, insurance costs, and fuel prices, thereby raising cocoa importers' costs.

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