By Ron Day
Oct. 21 (Bloomberg) -- Cocoa reached the lowest price of the year in New York as the stronger dollar boosted the cost of commodities traded in the U.S. and a blockade ended in Ivory Coast, the world's biggest producer.
The dollar reached a 19-month high against the euro after Federal Reserve Chairman Ben S. Bernanke suggested yesterday that Congress consider additional economic stimulus to avert a prolonged recession. Deliveries of beans resumed in Ivory Coast, an exporter said, after cocoa farmers stopped blocking trucks from unloading at the western port of San Pedro to press demands for higher prices.
Cocoa futures for December delivery fell $50, or 2.4 percent, to $2,035 a metric ton at 9:24 a.m. on ICE Futures U.S. in New York. The price earlier touched $2,016, the lowest for a most-active contract since Dec. 3.
To contact the reporter on this story: Ron Day in New York at rday1@bloomberg.net.
Tuesday, October 21, 2008
Cocoa Sets 2008 Low as Dollar Gains, Ivory Coast Blockade Ends
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