**Cocoa Prices Rise Amid Supply Concerns**
Cocoa prices are experiencing an upward trend, with July ICE NY cocoa rising by 2.55% to $84 and May ICE London cocoa up 2.09% to $72. The increase comes as supply concerns grow due to the prolonged closure of the Strait of Hormuz, which affects global cocoa shipping and related costs, including fertilizers and fuel.
Recent reports reveal declining demand for chocolate. North America saw a 1.3% drop in chocolate candy sales over the 13 weeks ending March 22, and Easter sales fell by 5% compared to last year. Additionally, cocoa grindings in North America and Europe decreased by 3.8% and 7.8% year-over-year, respectively. Despite this, cocoa supply from the Ivory Coast remains stable, with shipments at 1.51 million metric tons, a 0.7% increase from the previous year. Conversely, Nigerian cocoa exports dropped by 4.6% year-over-year, and forecasts suggest an 11% decline in production for the 2025/26 season.
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