ICE cocoa prices hit a 32-year peak on Friday as fighting intensified in top producer Ivory Coast.
|||ICE cocoa prices hit a 32-year peak on Friday as fighting intensified in top producer Ivory Coast, fuelling concerns about future cocoa supplies from the region.
“Most of the people that we speak to are now leaving the country because it's too dangerous,” a European trader said, adding the industry is at a standstill.
The spread of clashes in the world's top cocoa grower comes amid faltering diplomatic efforts to resolve a dispute between incumbent president Laurent Gbagbo and rival Alassane Ouattara, internationally recognised as the winner of a November election.
“The (cocoa) trade is in a difficult position, on the one side Ouattara wants them to continue to buy from the farmers because they need the money, on the other Gbagbo says keep exporting because he needs the money,” plus there's EU sanctions in place, the trader said.
The industry's activity has become increasingly limited following a cocoa export ban imposed by Ouattara and EU sanctions against the country.
Benchmark May cocoa futures traded up $2, or 0.1 percent, at $3,627 a tonne at 12:11 SA time. - Reuters
Source: http://www.iol.co.za/cocoa-hits-fresh-32-year-high-1.1032479
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