Traders of cocoa in West Africa and Europe are poised to export more of the soft commodity to the U.S. should its price remain north of that for beans traded in London, Bloomberg reports.
Another factor encouraging that prospect is whether the U.S. physical market for cocoa beans stays elevated. Ivory Coast is the globe's top grower of cocoa, followed by Ghana.
"With New York trading at a premium to London, the incentive to bring cocoa to the U.S. both from West Africa and from Europe is growing," states a Wednesday email to Bloomberg from commodity derivatives vice president Luis Rangel with brokerage ICAP Futures in New Jersey.
Cocoa futures closed Thursday down 1.22 percent, a $31 drop to $2,505 per metric ton.
Agence France-Presse reports 12 aides to Laurent Gbagbo, former leader of Ivory Coast, were freed earlier this month under conditions. Though Gbagbo was declared the loser of an election in November 2010, the 10-year incumbent refused to leave office. In April he was apprehended by peacekeepers from the United Nations and France and has begun the process of facing charges for corruption and crimes of violence.
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