Cocoa prices jump as Ivory Coast weighs export ban

[Joanne98]

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/ALeqM5i55pk40XXI_zpOd78mr-AhqCfksg?docId=47354544adc54fc3b7b9c1847d735abe

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Speculator price-gouging just in time for Valentines day.

[Joanne98]

1. Cocoa traders halt Ivory Coast exports

Cocoa traders are shutting down operations in Ivory Coast, in accordance with calls by the country’s internationally recognised president-elect to put pressure on Laurent Gbagbo, the incumbent who has refused to step down.

The price of the commodity used to produce chocolate rose as much as 7.5 per cent in London on Monday after companies including Cargill, the world’s largest cocoa buyer, said they had stopped buying cocoa in Ivory Coast, which accounts for 40 per cent of global supplies, worth $4.5bn annually at current prices.

http://www.ft.com/cms/s/0/5243450e-27ea-11e0-8abc-00144feab49a.html#axzz1BxtnAFfl

[liberal N proud]

2. I need my chocolate

What will I do without my chocolate?

http://2.bp.blogspot.com/_dqwVonfqR7s/TJrMOa3UoYI/AAAAAAAAAaU/kktMQUHDK48/s1600/cary+baby.jpg

And it is nearing Valentines and Easter too.

[JustABozoOnThisBus]

3. No kidding. The oil embargo was bad enough, but this?

If I have to make it through Easter with nothing but f'ing Peeps, ...

No. It just can't be.

:hi:

[Bette Noir]

4. No Keith, and now, no chocolate? Nooooooooooo!!

[enlightenment]

5. Maybe the child slave laborers on the cocoa plantations will

get a bit of rest, then.

http://www.ottawacitizen.com/news/bitter+truth+Ivory+Coast/4074292/story.html

I love chocolate, but it is more bitter than we like to think.