Cocoa prices in top grower Ivory Coast climbed last week amid strong demand from exporters and grinders at the tail end of the main harvest, farmers and exporters said on Thursday. A move by the European Union this week to bar EU-registered vessels from new financial dealings with Ivory Coast's two main ports was also supporting prices, exporters said.
"The prices at the port of Abidjan have increased because of the strong demand from grinders and the increase in price on the world market in London," said the purchases manager of an international cocoa exporter. Prices at the port of Abidjan averaged 950-1,000 CFA francs ($1.95) per kilogram, up from 910-950 CFA/kg the previous week, he said.
The EU and the United States have imposed various sanctions on Ivorian incumbent leader Laurent Gbagbo in an effort to pressure him to cede power to his rival Alassane Ouattara after disputed November 28 elections. Ivory Coast cocoa regulator BCC did not publish farmgate prices this week for the main growing regions.
In the centre-west region of Daloa, farmers said prices rose to 750 CFA/kg from 700 CFA/kg as buyers sought the last beans from the main harvest. "The cocoa is slowing down. The buyers are rushing to pick up the last good beans, since the quality is likely to diminish from February," said farmer Marcel Aka.
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