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Barchart
Barchart
Rich Asplund

Supply Risks Boost Cocoa Prices

Ice Ivory Coast Ghana ICCO London NY Strait of Hormuz United States

May ICE NY cocoa (CCK26) today is up +24 (+0.72%), and May ICE London cocoa #7 (CAK26) is up +14 (+0.56%).

Cocoa prices are moving higher today on concern that a prolonged US-Iran war will keep the Strait of Hormuz closed and disrupt 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.  Today's rally in the dollar index ($DXY) to a 1.5-week high is limiting gains in cocoa prices.

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