Article Image

IPFS News Link • World News

Cocoa Tumbles as Two-Day Mutiny Ends in Top Grower Ivory Coast

• https://www.bloomberg.com, by Isis Almeida

Following an extraordinary cabinet meeting on Saturday, President Alassane Ouattara said he'd reached an agreement with soldiers who had blocked roads in the central city of Bouake in Daloa, one of the biggest cocoa areas, and the commercial capital of Abidjan. Protests began Friday over demands for higher wages, payment of bonuses and better living conditions.

The unrest supported cocoa prices Friday, taking last week's gains to 5.1 percent, the biggest for a most-active contract since August. It also brought back memories of the 2011 civil war, when futures in London surged more than 20 percent in the first three months of the year and an export ban was imposed on the beans used to make chocolate.


AzureStandard