Cocoa Rises in N.Y. on Ivory Coast Turmoil; Sugar, Coffee Climb
Cocoa futures rose to the highest in more than a week on concern that turmoil in Ivory Coast, the world’s biggest producer, will delay the harvest, reducing supplies. Sugar and coffee gained.
Amnesty International said both sides in Ivory Coast’s political crisis committed war crimes and warned that President Alassane Ouattara’s failure to condemn atrocities by his backers is enabling abuses to continue. Cocoa shipments were disrupted during fighting between supporters of Ouattara and former leader Laurent Gbagbo following a disputed November election.
“Normalcy has returned to an extent, but it’s not completely peaceful,” said Erica Rannestad, a commodity analyst at CPM Group in New York. “Peace needs to prevail for farmers to return back to their fields.”
Cocoa for July delivery rose $48, or 1.6 percent, to settle at $3,010 a metric ton at 12:03 p.m. on ICE Futures U.S. in New York, gaining for the third straight day. Earlier, the commodity reached $3,062, the highest for a most-active contract since May 13. The price surged to a 32-year high of $3,775 a ton on March 4.
Raw-sugar futures for July delivery gained 0.05 cent, or 0.2 percent, to 22.69 cents a pound.
Arabica-coffee futures for July delivery advanced 0.75 cent, or 0.3 percent, to $2.656 a pound.
On NYSE Liffe in London, cocoa, robusta coffee and refined sugar climbed.
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