Bloomberg reports Cargill, Barry Callebaut and Armajaro Trading are back at it in the Ivory Coast, which is working on re-establishing exportation. A disputed presidential election in November led to a civil war before international peacekeepers came in to remove the incumbent president who lost the election but refused to cede power. In the midst of that turmoil, cocoa futures touched 32-year highs on March 4.
"Cocoa prices will steadily decline into year-end with the Ivory Coast supplies being slowly liberated," Luis Rangel, ICAP Futures vice president, told the news service.
At 1:12 p.m. on Wednesday, cocoa futures were up 2.77 percent, an $80 increase to $2,964 per metric ton.
The administration of Alassane Ouattara, the newly inaugurated leader of the Ivory Coast, has been adamant about re-establishing order in the cocoa industry in the interest of capitalizing on a staple of the West African nation's commerce.
The critical point of the nearly five-month standoff came on April 11 when U.N. and French forces apprehended Laurent Gbagbo, the incumbent president. He is believed to be an eligible consumer of the Ivory Coast justice system.
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