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Rich Asplund

Supply Concerns Push Cocoa Prices Sharply Higher

Ice NY the Ivory Coast Ghana ICCO London StoneX United Kingdom

July ICE NY cocoa (CCN26) on Monday closed up +287 (+7.98%), and July ICE London cocoa #7 (CAN26) did not trade with markets in the UK closed for the May Day holiday.

Cocoa prices rallied sharply on Monday, as NY cocoa posted a 2.75-month 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.

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