Futures Market News
Cocoa futures set to rebound from 7.3 percent losses during past month
Oct 11, 2011 06:40 AM
Cocoa futures increased Tuesday amid conjectures that the soft commodity's losses of more than 7 percent in value during the past month were overdone, according to Bloomberg.
Agence France-Presse reports political violence erupted this past weekend in Ivory Coast, recognized as the globe's top producer of cocoa. The U.N. emphasized the need for antagonists and protagonists to demonstrate restraint. The protest followed a meeting of supporters of Laurent Gbagbo, the former president who now is jailed while awaiting criminal proceedings for corruption counts.
"Chicago wheat, cocoa and soy meal are the most heavily oversold relative to historical net spec positions," states an emailed report on Tuesday written by economist Paul Deane with Australia & New Zealand Banking Group, wrote.
At 7:11 a.m. on Tuesday, cocoa futures fell 1.02 percent, a $27 drop to $2,629 per metric ton.
Alassane Ouattara, the Ivory Coast president who defeated Gbagbo in a November election though Gbagbo refused to cede power after 10 years of rule until peacekeepers from the U.N. and France apprehended him in April, marked more than 100 days as the leader of the nation, according to The Associated Press. Ouattara announced a truth and reconciliation commission has been created to heal fractures created by the political dispute.
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