
July ICE NY cocoa (CCN26) today is up +324 (+9.01%), and July ICE London cocoa #7 (CAN26) is not trading with markets in the UK closed for the May Day holiday.
Cocoa prices are sharply higher today, with NY cocoa posting a 2-week high. The prolonged closure of the Strait of Hormuz is disrupting global cocoa supplies and is also a supportive factor for prices. 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.