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Monday, March 14, 2011

Ouattara forces strike back

Forces allied with internationally recognised Ivory Coast President Alassane Ouattara yesterday seized control of a fourth town in the west of the country, both sides reported. 

As pro-Ouattara fighters continued the push south of their traditional frontline stronghold, the district of Abobo, the capital, Abidjan, counted losses after a crackdown by strongman Laurent Gbagbo on Saturday left about 10 dead.

A member of Mr Gbagbo's militia said the New Forces fighters, "well equipped (with) rocket launchers and machine guns", took the town of Doke and were headed towards Blolequin.
If they capture Blolequin, the fighters will have access to the port of San Pedro in the southwest, the largest cocoa-exporting port in the world.

Ivory Coast is the world's largest producer and exporter of cocoa. Coffee and cocoa make up 40 per cent of Ivory Coast's export earnings and about one-fifth of its gross domestic product in normal times.

Mr Ouattara made a discreet return to Abidjan yesterday after a foreign tour to enlist support from fellow African leaders as the post-electoral stand-off intensified in the wake of an African Union decision endorsing him as president. A statement issued by the "Ouattara presidency" confirmed his return.

Mr Gbagbo has rejected the African Union endorsement of his rival's presidency, and many fear the deadlock will see a return to a 2002-03 civil war that devastated the once-prosperous country.

In a bid to dislodge supporters of his rival, Mr Gbagbo sent his troops into the Abobo district on Saturday with tanks, mortars and helicopters, leaving about 10 bodies scattered in the streets.

Mr Ouattara's camp denounced the violence as "blind murder", saying it was a show of force by Mr Gbagbo who has "his back to the wall".

On Sunday, residents hurriedly loaded bags in taxis or balanced possessions on top of pick-up trucks as they fled the zone. According to the UN refugee agency, about 500,000 have fled their homes, about 70,000 of whom are seeking refuge in Liberia.----

Sustainable development strategy needed to applay Vietnam coffee secto

A seminar on the sustainable development of Vietnamese coffee was held on March 13 as part of the Buon Ma Thuot Coffee festival.

The seminar, jointly held by the Ministry of Agriculture and Rural Development (MARD), the Vietnam Coffee-Cocoa Association (VIFOCA), and the Dak Lak provincial People’s Committee, were attended by leaders of relevant ministries and agencies as well as domestic and foreign experts.

Speaking at the seminar, Doan Xuan Hoa, Deputy Director General of the MARD Department of Processing and Trade for Agro-Forestry-Fishery Products and Salt Production, said Vietnam’s coffee sector has experienced significant development recently with export turnover increasing from US$483 million in 2000 to US$2.1 billion in 2008, and accounting for about 2 percent of the country’s GDP. He said Vietnamese coffee is exported to more than 80 countries and territories worldwide.

COFFEE FORECAST TODAY & Yesterday's MARKET CLOSE REVIEW

Arabica coffee futures finished lower on Friday, continuing to fall from Wednesday's 34-year high and marking their biggest two-day decline in nearly seven months.

U.S. cocoa settled down for the fourth straight day as the softs complex saw follow-through profit-taking and felt spillover pressure from a commodity complex that dropped following Japan's biggest earthquake on record.


COFFEE
* May arabica coffee futures
tumbled 6.15 cents, or 2.2 percent, to close at $2.7440 per lb.
 
 * May closed the week up 0.6 percent.
 
* Profit-taking combined with a lack of roaster buying allowed the market to extend Thursday's steep losses - traders.
 
* Pressure from the larger commodity markets, which fell after the world's third-biggest economy Japan was hit by a major earthquake and tsunami, gave more steam to the downward momentum - traders.
 
* Tight supplies remained, however, and continued to underpin the market - traders.
 
* A potentially devastating storm is brewing in the world's physical coffee market, where a double whammy is hitting the companies that get beans from the farm gate to the cafe table.
 
COCOA
 * Benchmark May cocoa futures
dropped $33 to settle at $3,412 per tonne, closing the week down 6.7 percent.
 
* May closed at a $28 premium to July , narrowing from $34 the previous session.
 
* Market fell on follow-through weakness and pressure from the commodity complex that dropped in reaction to the major earthquake and tsunami in Japan - dealers.
 
* Cocoa beans are piling up in east Ivory Coast because of an embargo, while plummeting farmgate prices have pushed planters to abandon farms as Ghana reinforced security at its border to end smuggling - farmers.
 
* Senegal's leader, Abdoulaye Wade, said Ivory Coast was "entering a phase of war" after the latest attempt by the African Union to resolve a power struggle by diplomacy failed.******

Ot - Jan coffee export of Ivory drops 31 pct

Ivory Coast's coffee bean exports totalled 21,630 tonnes from October to January, down about 31 percent on the same period in the previous season, port data showed on Friday.

January is the first month of the official marketing season.

Following are port data for coffee bean exports in tonnes:

                     Jan 11         Dec 10      Jan 10
Abidjan          2,998           3,724       4,522
San Pedro      1,120            1,566       nil
Total             4,118           5,290       4,522
Cumulative   21,630          17,512     31,307****

LIFFE COFFEE, COCOA & SUGAR CLOSE REVIEW

* Liffe May white sugar falls $7.60 to close at  $720.00 a tonne. Prices slide along with other commodity markets  after a huge earthquake and tsunami struck Japan.
 
* Liffe May robusta coffee ends down $87 at $2,421 a tonne, also caught up in the sell-off in commodities. Downward  correction also seen overdue following recent strong advance.
 
* Liffe May cocoa ends down 16 pounds at 2,226  pounds a tonne. Market weighed by broad-based setback in  commodity markets but the conflict in Ivory Coast limits losses. *******