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Cocoa prices jump as Ivory Coast weighs export ban [View All]

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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-24-11 01:23 PM
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Cocoa prices jump as Ivory Coast weighs export ban
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Source: AP

LONDON (AP) Cocoa prices shot higher on Monday after the internationally recognized leader of Ivory Coast, the world's largest producer of cocoa beans, called for a one-month ban on exports.

The political turbulence added to pressures on the retail price of chocolate treats.

Cocoa futures on the Liffe commodities' exchange in London were up 3.9 percent Monday to 2,223 pounds per ton, the highest since early August, after trading as high as 2,290. Cocoa traded as low as 1,770 pounds in November.

Prices have risen 12 percent since Jan. 5, according to a research note from Commerzbank.

The export ban was proposed by Alassane Ouattara as a move to choke off funding for the incumbent, Laurent Gbagbo, who has refused to concede defeat.





Read more: http://www.google.com/hostednews/ap/article/ALeqM5i55pk...




Speculator price-gouging just in time for Valentines day.
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