This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cocoa Prices Hit 32-Year High

NEW YORK ( TheStreet) -- Cocoa futures leaped to a 32-year high Friday as a disputed presidential election continued to rock the world's number one cocoa producing nation.

Cocoa prices for May delivery settled up $61, or 1.8% at $3,499 a metric ton. Cocoa traded as high as $3,511 a metric ton Friday, hitting a 32-year high for a most actively-traded contract, according to Bloomberg data.

The Ivory Coast continues to be embroiled in political turmoil. The conflict involves Laurent Gbagbo, a ten-year incumbent who refuses to step down, and Alassane Ouattara, who declared victory during the country's 2010 presidential elections, and wants Gbagbo to formally resign.

On Jan. 23, Ouattara ordered a cocoa export ban to restrict the flow of funds to Gbagbo. The action was supported by both African and Western leaders who believe that Ouattara is president-elect and that Gbagbo must step down.

Quattara indicated that he intends to extend the cocoa export ban for another 30 days if Gbagbo continues his resistance. Rodger Wegner, the secretary general of the German Cocoa Trade Association has expressed concern about the impact an extension of the ban would have on already tight cocoa supplies.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
NSRGY $78.11 0.00%
RMCF $13.71 0.00%
HSY $100.27 0.00%
AAPL $124.75 0.00%
FB $80.78 0.00%


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs