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Cocoa Jumps as Unrest Continues in Top Producer Ivory Coast

  • Military gives ultimatum to soldiers revolting over pay
  • Events may spur a wave of short-covering among funds: Marex
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Cocoa rose, extending last week’s surge in prices, following a failure of talks between army commanders and mutinous soldiers over the weekend in Ivory Coast, the world’s biggest producer.

The beans jumped as much as 4.4 percent in London and also gained in New York trading after Ivory Coast’s military was said to have given soldiers an ultimatum on Sunday to drop their pay demands and end a revolt. Special forces will take action against the soldiers should the talks fail, a person familiar with the matter said.