
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. 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. Thursday's rally in the dollar index ($DXY) to a 1.5-week high limited gains in cocoa prices.