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Barchart
Rich Asplund

Supply Concerns Support Cocoa Prices

Ice Ivory Coast Ghana ICCO London Strait of Hormuz

July ICE NY cocoa (CCN26) on Tuesday closed up +84 (+2.55%), and May ICE London cocoa #7 (CAK26) closed up +75 (+3.10%).

Cocoa prices moved higher on Tuesday amid growing supply concerns.  The prolonged closure of the Strait of Hormuz is disrupting 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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