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Cocoa rises after arrest of Ivory Coast strongman

Cocoa rises after arrest of Ivory Coast strongman

Cocoa prices are rising after opposition forces captured the former president of the Ivory Coast. That nation is one of the world's largest cocoa producers.
Cocoa rose $48, or nearly 2 percent, to 3,022 per metric ton on Monday. Forces stormed the bunker where Laurent Gbagbo had been hiding after refusing to hand over the presidency to the internationally recognized election winner Alassane Outtara.
Outtara called for an export ban on cocoa in mid-January in an effort to force his rival to step down. That sent prices up at the time.
Analysts said the threat of a security vacuum and more violence in the country was likely keeping prices high.
In other trading, oil fell to $109.92 a barrel. Gold, copper and most metal prices fell. Wheat and corn rose.


Updated : 2021-10-16 04:37 GMT+08:00