Vangu a rd, MONDAY, MARCH 14. 2011 - 39
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FinancialVanguard
News.
Cocoa has longest losing streak since January as Gbagbo orders shipments OCOA fell for a third day in New York, the longest C streak since January, after
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President Laurent Gbagbo ordered companies to export beans from Ivory Coast, tbe world's largest producer. Companies were told to export by the end of this month or face sanctions, according to Ahoua Don Mello, spokesman for Gbagbo's government. Gbagbo refuses to leave office and took control of local cocoa purchases
and exports three days ago, escalating a conflict with rival, Alassane Ouattara, the internationally recog n ised winner of the November election. "The market is a bit overbought in the near term, and
a correction was needed," Connor Noonan, an analyst at Castles tone Management Ltd. in London, saJd in an e-mail. "Th is, coupled with Gbagbo announcing that he was goi n g to export, has taken some of the
ini tial fear of shortages out of the market." Cocoa fo r May d eli very fell $83, or 2.4 per cent, to $3,444 a metric ton at 7 :37 a .m. on ICE Fu tures U.S. in New York. Prices reached $3,421, the lowest level since March 1. In London, cocoa for May delivery slid 47 p ounds, or 2.1 per cent, to 2,212 pounds ($3,570) a ton on NYSE Litfe. "We're not p lanning at all to seize the cocoa stocks, as they are the property of the
com p anies," Don Mello said. Sanctions would ap ply if exporters don't pay the export tax, he said. Ouattara ordered a ~onth-long ban on cocoa-bean exports on Jan. 23 in a bid to cut off funds for Gbagbo that was later extended to March 15. Beans registered for export in the two weeks ended March 3 dropped 99 per cent from a year earlier, accor~ to port figures. Gbagbo's "decision has of course pul the market lower, but
merchants say cocoa is not exportable because of the European embargo," Mattbieu Dibaji, a solt-commodities broker at Kyle Group Ltd. 's Markel Securities, said in an email. Tbe European Union in January froze the assets of Ivory Coast ports that export cocoa and coffee. Exp~rts are "technically impossible because European banks refuse to make payments on cocoa operations in Ivory Coast," Dibaji said.
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