Futures Market News
Forces seize Gbagbo
Apr 11, 2011 12:17 PM
The presidential dispute in the Ivory Coast, where cocoa futures serve as the economy's lynchpin, is likely resolved as the incumbent president who lost the November election but refused to step down was physically captured Monday by forces loyal to the same election's victor, Bloomberg reports.
Though Laurent Gbagbo was apprehended by French troops serving as peacekeepers, pockets of the nation that are loyal to him are expected to be difficult to pacify under the new administration of Alassane Ouattara.
Soldiers "entered the residence of Gbagbo and it was they who went to catch him in his bunker," said Guillaume Soro, the prime minister to Ouattara, to France 24 television. "Gbagbo and his wife are alive and in good health."
Following the late November 2010 election, Ouattara was recognized as the victor but Gbagbo refused to cede power. In late January, Ouattara attempted to force him from office by banning exports of cocoa, which cut revenue to his office.
Gbagbo was believed to be preparing to seize the commodity by the end of March, but French and U.N. forces began assisting earlier this month with the effort to force him from office.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Free eBook — Gold Exposed: Spot Gold versus Gold Futures
Are you interested in trading gold futures but unsure of how to start?
Register for our FREE guide, and learn the ins and outs of the gold markets that will help answer many of your trading questions.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.