Cocoa #7 Jul '26 (CAN26)
Cocoa #7 Futures Market News and Commentary
May ICE NY cocoa (CCK26) on Monday closed up +112 (+3.52%), and May ICE London cocoa #7 (CAK26) closed up +80 (+3.34%).
Cocoa prices rose sharply on Monday amid concerns over global supply disruptions after Iran on Saturday said the Strait of Hormuz was closed to shipping following the US refusal to lift a naval blockade on Iranian vessels. Â The closure of the Strait of Hormuz is supportive for cocoa prices as it has reduced fertilizer supplies, boosted global shipping rates, insurance costs, and fuel prices, thereby raising cocoa importers' costs.
An excessively short position by funds in New York cocoa could add fuel to any short-covering rally. Â Last Friday's weekly Commitment of Traders (COT) report showed funds boosted their short position in NY cocoa by 1,737 net short positions in the week ended April 14 to 18,105, the most in more than 3 years.
Weakness in global cocoa demand is bearish for prices. Â The National Confectioners Association reported last Thur... Read more
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