Cocoa May '24 (CCK24)
Cocoa Futures Market News and Commentary
May ICE NY cocoa (CCK26) on Thursday closed up +30 (+0.90%), and May ICE London cocoa #7 (CAK26) closed up +19 (+0.76%).
Cocoa prices settled higher on Thursday amid heightened concerns that a prolonged US-Iran war will keep the Strait of Hormuz closed and disrupt global cocoa supplies. Â 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. Â Thursday's rally in the dollar index ($DXY) to a 1.5-week high limited gains in cocoa prices.
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.
Smaller cocoa supplies from Nigeria, the world's fifth-largest cocoa producer, are supportive for... Read more
Barchart · Thu Apr 23, 1:31PM CDT
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May ICE NY cocoa (CCK26 ) on Thursday closed up +30 (+0.90%), and May ICE London cocoa #7 (CAK26 ) closed up +19 (+0.76%). Cocoa prices settled higher...
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