Cocoa futures climb on fears Ivory Coast will extend export ban

Cocoa futures climbed to their highest levels in over a year in New York on Monday on news that an order to ban exports could be extended in the Ivory Coast, the world's biggest grower.Cocoa futures climbed to their highest levels in over a year in New York on Monday on news that an order to ban exports could be extended in the Ivory Coast, the world's biggest grower.

Ivory Coast is still embroiled in the political fallout of a disputed presidential election held in late November; Alassane Ouattara, the internationally recognized winner, said he would extend the ban if incumbent President Lauren Gbagbo does not cede power before February 23, the day the export ban was set to end, according to The Financial Times. The ban on cocoa exports was imposed January 23 by Ouattara as he endeavored to cut off financing to Gbagbo.Ivory Coast is still embroiled in the political fallout of a disputed presidential election held in late November; Alassane Ouattara, the internationally recognized winner, said he would extend the ban if incumbent President Lauren Gbagbo does not cede power before February 23, the day the export ban was set to end, according to The Financial Times. The ban on cocoa exports was imposed January 23 by Ouattara as he endeavored to cut off financing to Gbagbo.

Gary Mead, an analyst at VM Group, told Bloomberg Ouattara's extension of the ban is a sign he will put additional pressure of Gbagbo. "The threat by Alassane Ouattara to extend the export ban on Ivory Coast’s cocoa is a sign of his exasperation that nothing has moved in the political arena," affirmed Mead. "He's keep the pressure up."Gary Mead, an analyst at VM Group, told Bloomberg Ouattara's extension of the ban is a sign he will put additional pressure of Gbagbo. "The threat by Alassane Ouattara to extend the export ban on Ivory Coast’s cocoa is a sign of his exasperation that nothing has moved in the political arena," affirmed Mead. "He's keep the pressure up."

On ICE Futures U.S. in New York on Monday, cocoa for May delivery climbed 1.2 percent, or $41, to trade at $3,412.0 per metric ton; earlier in trading, cocoa futures hit $3,444 per metric ton, the highest price since January 21, 2010.  On ICE Futures U.S. in New York on Monday, cocoa for May delivery climbed 1.2 percent, or $41, to trade at $3,412.0 per metric ton; earlier in trading, cocoa futures hit $3,444 per metric ton, the highest price since January 21, 2010.