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Tuesday, September 23, 2014

Cocoa climbs to three-year high as Ebola seen risk to production

Source:

(Sept 19): Cocoa futures rose to a three-year high in London on
speculation the spread of Ebola is putting crops at risk in West Africa.

United Nations Secretary-General Ban Ki-Moon announced the creation of
an emergency UN mission after Ebola spread to five West African nations.
Two of them, Liberia and Guinea, are right next to Ivory Coast, the
largest cocoa grower. Cocoa futures in London jumped 3.8 percent this week.

The possibility of Ebola spreading to Ivory Coast is “a risk, it’s just
an unquantifiable risk,” Jonathan Parkman, co- head of agriculture at
Marex Spectron in London, said by phone today. “The fact that the world
is making a bigger effort to control it will be extremely helpful.”

Cocoa futures for December delivery rose as much as 0.3 percent to 2,072
pounds ($3,396) a metric ton on Liffe on London, the highest for a
most-active contract since March 29, 2011, and was 0.2 percent higher at
11:39 a.m. Futures climbed 0.3 percent in New York to $3,201 a ton, the
sixth consecutive advance and the longest streak since July 24.

Robusta coffee futures fell 0.6 percent to $1,949 a ton in London after
stockpiles advanced and white sugar dropped 0.4 percent to $411.80 a ton.

In New York, arabica coffee rose 0.6 percent to $1.822 a pound and raw
sugar slipped 0.6 percent to 15.85 cents a pound.

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