Cocoa futures jumped to a 32-year high on mounting political unrest in Ivory Coast, the world’s largest producer.
The only way to resolve the Ivorian presidential-election dispute is to organize protests similar to those that ousted Egypt’s Hosni Mubarak, according to the prime minister appointed by Alassane Ouattara, recognized internationally as the winner of Ivory Coast’s Nov. 28 vote. Units of at least six international banks closed this week amid security concerns.
“Things are starting to rumble up again,” said Drew Geraghty, a commodity broker at ICAP Futures LLC in Jersey City, New Jersey. “People are afraid of the potential for increased unrest.”
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