May ICE NY cocoa closed up +55 ticks (+1.73%) and May ICE London cocoa #7 closed up +34 ticks (+1.44%). Moves were driven by short-covering amid concerns that a closure of the Strait of Hormuz could trigger fertilizer shortages, tightening supply-side outlook for cocoa and supporting near-term prices.
May ICE NY cocoa closed up +55 ticks (+1.73%) and May ICE London cocoa #7 closed up +34 ticks (+1.44%). Moves were driven by short-covering amid concerns that a closure of the Strait of Hormuz could trigger fertilizer shortages, tightening supply-side outlook for cocoa and supporting near-term prices.
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mildly positive
Sentiment Score
0.25
Ticker Sentiment
