
May ICE NY cocoa (CCK26) on Monday closed up +133 (+4.61%), and May ICE London cocoa #7 (CAK26) closed up +60 (+2.92%).
Cocoa prices recovered from early losses on Monday and rallied sharply 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.