As compared to the same period last year, deliveries of cocoa beans to ports in the Ivory Coast have nearly doubled, which marks a notable achievement for the nation coming off a divisive political dispute.
"Cocoa is falling due to a general rise in risk aversion," according to a Monday email from analyst Carsten Fritsch of Commerzbank in Frankfurt. "The supply surplus makes cocoa prices vulnerable to setbacks if market sentiment deteriorates."
At 12:57 p.m. on Monday, cocoa futures climbed 1.92 percent, a $56 increase to $2,973 per metric ton.
Following the November 2010 presidential election, 10-year-incumbent Laurent Gbagbo refused to cede power to Alassane Ouattara, who was declared the victor. A months-long standoff followed, which found cocoa and the commerce it generates used as a pawn. Peacekeepers from the United Nations and France apprehended Gbagbo in early April, paving the way for Ouattara to be inaugurated in May.
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