Cocoa prices surge on uncertainty

2010-12-03 18:03

kalahari.com

London -The price of cocoa rocketed on Friday to the highest level since late October as traders fretted over the impact of a disputed presidential election in top global producer Ivory Coast.

The country's borders are sealed and foreign broadcasts jammed as President Laurent Gbagbo's allies rejected election results that showed him beaten by his rival.

On London's futures exchange, cocoa for March jumped to £1 960 per ton on Friday, hitting the highest level since October 25, before pulling back slightly.

On the New York Board of Trade, cocoa for delivery in March rallied to $2 920 a ton on Thursday before tailing off.  New York prices have gained more than 6% since Tuesday.

"The Ivorian electorate commission on Thursday declared that the challenger had won the presidential election.

"The military have subsequently sealed off the country's air, land and sea borders. There are now fears that cocoa shipments of the world's largest cocoa producer could be affected."

Invalid

On Thursday the electoral commission announced that provisional results showed that opposition leader Alassane Ouattara had beaten Gbagbo in the disputed polls by 54% to 46%.

But top Gbagbo ally Paul Yao N'Dre, the head of the country's constitutional council which has the final say on elections, said the results were invalid since the commission had over-run the legal deadline for releasing its results.

The United Nations mission in the country has judged the polls sound overall.

However, world powers sharpened their warnings to Ivorian leaders to settle the dispute peacefully, but the chaos in the west African state deepened after days of bloodshed and fraud allegations that have disrupted the landmark vote.

The west African nation produced nearly 1.5 million tons of cocoa beans in the past crop year 2009/10, which was 35% of global supply, according to data cited by Commerzbank.

"This year's main harvest has had a sluggish start despite the good forecasts beforehand," added Fritsch.

"Further delays to shipments are now possible because of the uncertainty after the elections."


Read more on:    west africa  |  ivory coast
NEXT ON NEWS24X

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
 
Traffic
Lottery
 
  • Wednesday Cape Town - 07:11 AM
    Road name: N1 Inbound
    DELAYS approaching the M5 Koeberg Interchange
  • Wednesday Cape Town - 07:04 AM
    Road name: Metro Rail
    Train services on the Northern Line are delayed due to vandalism at Blackheath and faulty track circuits between Kentemade and Acacia Park
 
More traffic reports...
 

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Escape winter, head to Mauritius

Escape winter by spending 7 nights in Mauritius' tropical bliss from R13 215 per person sharing. Includes return flights, airport transfers and accommodation. Book now!

Kalahari.com - shop online today

Get many eggs in one basket!

Gaming bundles: 2 Super Hits games for R99, 3 Disney games for R99 and more + exclusive accessory bundles only available on kalahari.com. While stocks last. Shop now!

25% off bestselling books!

The Real Meal Revolution by Tim Noakes, Jeffrey Archer’s Be Careful What You Wish for, Man’s Search for Meaning by Victor E. Frank and many more titles. Shop now!

Up to 25% off electronics

Buy top electronics and save up to 25%. Such as kalahari.com’s 1# selling product the gobii eReader, Patriot X Porter flash drive, Asus Nexus 7” 3G tablet, Samsung Galaxy SIII, Lenovo G580 Notebook and many more. Shop now!

DStv HD PVR Decoder now R949

The DStv HD PVR Decoder has further revolutionised the television experience with lifelike viewing, sharper images, more vibrant colours and precision picture quality. Now R949, save R550. Offer valid while stocks last. Shop now!

Up to 30% off appliances & homeware

Save up to 30% on appliances and homeware this Easter! Offer valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

BlackBerry Bold 9780

BlackBerry 6 Engage your world with BlackBerry 6 OS on the...

From R3049.00

I'm shopping for:

Horoscopes
Aquarius
Aquarius

You may find yourself fascinated by something which could draw you in to obsessively exploring this subject in depth....read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.