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Barchart
Rich Asplund

Cocoa Prices Extend Rally on Shipping Threats

Ice Ivory Coast London ICCO Iran

May ICE NY cocoa (CCK26) today is up +147 (+4.47%), and May ICE London cocoa #7 (CAK26) is up +115 (+4.88%).

NY cocoa prices today are sharply higher as the 1.5-week-long short-covering rally continues.  The ongoing war in Iran has sparked short covering in cocoa futures amid concern that the closure of the Strait of Hormuz will boost shipping costs, curb cocoa exports, and limit supplies.  The closure of the Strait has increased global shipping rates, insurance costs, and fuel prices, thereby raising cocoa importers' costs.

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