Cocoa Tests 1979 Peak as Ivory Coast Spurs Supply Risk
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Cocoa may climb to the highest price since the late 1970s as political unrest disrupts supplies from Ivory Coast, the world’s biggest producer.
Hedge funds have more than quadrupled bets on a cocoa rally since early December after a disputed election left Ivory Coast with two rival presidents. Alassane Ouattara, recognized internationally as the winner, yesterday ordered shipments halted to cut off funds to incumbent Laurent Gbagbo. The ban may send prices to as high as $3,720 a metric ton, a Bloomberg survey of six analysts showed. That would be the highest since January 1979.