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Barchart
Barchart
Rich Asplund

Cocoa Prices Little Changed After Last Week's Rally

Ice Ivory Coast ICCO Iran London

May ICE NY cocoa (CCK26) today is unchanged, and May ICE London cocoa #7 (CAK26) is up +5 (+0.22%).

NY cocoa prices today are little changed, moving sideways after last Friday's sharp 5.73% rally to a new 2-week high.  The ongoing war in Iran 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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