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Monday, February 21, 2011

Cocoa Up On Ivorian Bank Turmoil

Cocoa futures broke through a one-year barrier after incumbant leader Laurent Gbagbo of Ivory Coast, the world's biggest cocoa producer, decreed that major banks suspending business would be nationalised.

ICE May cocoa traded up $24 or 0.7 percent at $3,462 a tonne after touching $3,470, its highest since Jan. 22, 2010. Arabica coffee futures climbed to their highest level in nearly 14 years, and robusta coffee hit a new 2-1/2-year peak as roasters were forced to pay up as high quality beans remained in short supply.



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