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Barchart
Barchart
Rich Asplund

Cocoa Prices Jump on Supply Disruption Fears

Ice Ivory Coast Ghana ICCO London NY Strait of Hormuz United States

May ICE NY cocoa (CCK26) on Wednesday closed up +119 (+3.70%), and May ICE London cocoa #7 (CAK26) closed up +92 (+3.80%).

Cocoa prices settled sharply higher on Wednesday on concern that a prolonged US-Iran war will keep the Strait of Hormuz closed and disrupt global cocoa supplies.  The closure of the strait supports cocoa prices by reducing fertilizer supplies, boosting global shipping rates, insurance costs, and fuel prices, thereby raising cocoa importers' costs.

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