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  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Supply concerns drive volatile cocoa trading session

Dec 03, 2010 03:09 PM

Cocoa futures fluctuated as conflict in the Ivory Coast raised the specter of political violence on Friday.

On Thursday, election results generated controversy in the West African country - canddiate Alasanne Ouattara was announced as the winner in a contest against sitting president Laurent Gbagbo, but Gbagbo immediately declared the result fraudulent, reported Reuters. That pushed cocoa futures to settle up 4 percent at $2,868 per metric ton on Thursday.

"Given that cocoa production is so highly concentrated in Ivory Coast, any political disruption, violence or unrest" will boost prices, Kona Haque, a Macquarie Bank analyst, told Bloomberg. "The market is primed for an uptick."

Ivory Coast's political struggles date back at least 30 years, to a violent civil war. In response to the news of his defeat in the election, Gbagbo sealed the country's borders and announced that "the air, land and sea border of the country are closed to all movement of people and goods."

On the IntercontinentalExchange, cocoa futures for March 2011 delivery rose 1.51 percent to $2,912 per metric ton; the May 2011 contract was up 1.466 percent to $2,890 per metric ton.

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