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Rich Asplund

Cocoa Prices Sharply Higher as Supply Disruption Fears Spur Short Covering

Ice London the Ivory Coast ICCO NY Ghana Iran the International Cocoa Organization

May ICE NY cocoa (CCK26) on Friday closed up +175 (+5.73%), and May ICE London cocoa #7 (CAK26) closed up +110 (+4.99%).

Cocoa prices rallied to 1.5-week highs on Friday and settled sharply higher. 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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