EU Sanctions on Ivory Coast Will Be 'Disastrous,' Port Head Says
http://www.bloomberg.com/news/2011-01-21/cocoa-climbs-to-a-five-month-high-as-ivory-coast-exports-may-be-disrupted.html
Are we to believe everything that's reported as happening in the Ivory
Coast - and everything being done by Gbagbo's people only - to give
Gbagbo a bad name?
Why would Gbagbo be doing the things that are being attributed to
him ? To secure his presidency?
On Jan 21, 1:10 am, "Abdul Bangura" <th...@earthlink.net> wrote:
> Cocoa Jumps to 6-Month High Amid Ivory Coast Unrest; Sugar Rises in N.Y.
> By Debarati Roy - Jan 20, 2011 2:38 PM ET Thu Jan 20 19:38:46 GMT 2011 Cocoa jumped to a six-month high on concern that supplies from Ivory Coast, the world�s biggest producer, may be disrupted because of political unrest. Sugar gained in New York, while coffee fell.
> A disputed election on Nov. 28 left Ivory Coast with two rival presidents and triggered a wave of violence that left at least 260 people dead, according to the United Nations. European Union-registered ships are barred from new financial transactions with the main cocoa ports in Abidjan and San Pedro, as part of sanctions begun last week.
> �We could see some cocoa factories having to declare a force majeure because of supply disruptions,� said Tom Mikulski, a senior strategist at Lind-Waldock, a broker in Chicago.
> Cocoa for March delivery jumped $78, or 2.5 percent, to settle at $3,178 a metric ton at 12:00 p.m. on ICE Futures U.S. in New York. After the close, the price touched $3,190, the highest for a most-active contract since July 16.
> The commodity may surge to $3,300 a ton, Mikulski said, without giving a time frame.
> Force majeure is a contract clause companies invoke to avoid penalties when they are unable to make deliveries because of events beyond their control.
> In London, cocoa futures for March delivery rose 73 pounds, or 3.6 percent, to 2,128 pounds ($3,382) a ton on NYSE Liffe.
> Raw-sugar futures for March delivery gained 0.13 cent, or 0.4 percent, to 31.31 cents a pound in New York.
> Tunisia bought 18,000 metric tons of refined sugar and 14,000 tons of raw sweetener, for delivery by March, according to the Tunisian Office for Trade.
> On NYSE Liffe, refined-sugar futures for March delivery fell $3.30, or 0.4 percent, to $768.30 a ton.
> Arabica-coffee futures for March delivery dropped 0.7 cent, or 0.3 percent, to $2.318 a pound on ICE. In London, robusta- coffee futures lost $4, or 0.2 percent, to $2,115 a ton.
> To contact the reporter on this story: Debarati Roy in New York at dr...@bloomberg.net.
> To contact the editor responsible for this story: Steve Stroth at sstr...@bloomberg.net.
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