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Sunday, April 17, 2011

Cocoa futures Prices Forecast impact Ivory Coast's political climate

Cocoa futures Prices Forecast impact Ivory Coast's political climate : Prices rallied as investors worried that Ivory Coast's political climate would remain unstable, even after the world's top cocoa producer resumed exports of the commodity after the ousting of Laurent Gbagbo.

Cocoa futures rose "as traders were still uncertain as to whether or not new Ivory Coast leader Alassane Ouattara would see a peaceful transfer into power," said commodities review The Public Ledger.

Around 400,000 tonnes of cocoa have accumulated on the dockside in Abidjan and the southwestern port of San Pedro during the crisis pitting Ouattara against Gbagbo, who refused to admit defeat in a November election.

Forces belonging to Ouattara, backed by French and UN troops, captured Gbagbo in Abidjan on Monday at the climax of the deadly crisis.

The unrest halted the African nation's cocoa exports, causing the price to hit the highest level since 1979 on New York markets.

Cocoa futures struck $3,775 a tonne at the start of March before falling back 10 percent earlier this month as traders anticipated Gbagbo's capture.

By Friday on LIFFE, London's futures exchange, cocoa for delivery in July had jumped to £1,962 a tonne from £1,886 a week earlier.

In New York on the NYBOT-ICE, cocoa for July gained to $3,130 a tonne from $2,969 for the May contract a week earlier. For the latest updates PRESS CTR + D or visit Stock Market news Today

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