No Cocoa Plunge Seen as Ivory Coast Chaos Curbs Supply
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Cocoa prices are unlikely to plunge after the capture of Ivory Coast’s former leader Laurent Gbagbo potentially ended a civil war because chaos at banks and ports will keep curbing exports from the world’s biggest producer.
Gbagbo, whose refusal to cede power after elections in November triggered the conflict, was captured today after French troops and forces loyal to rival Alassane Ouattara besieged his home. Cocoa for July delivery rose 1.4 percent to $3,027 a metric ton as of 11:47 a.m. on ICE Futures U.S. in New York. Futures rose as much as 35 percent since the poll, retreating 19 percent since March 3 as investors bet Ouattara would prevail.