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Cocoa Climbs on Nigeria, Oil Drops on Germany & Iran

January 9, 2012 at 22:30 by Vladimir Vyun

Cocoa futures posted the biggest gain since October 2009 as a strike in Nigeria threatened to disrupt shipments. The strike of Nigerian workers that started today may lead to ports shutting down. Nigerian farmers stopped selling crops after fuel prices doubled and the government removed fuel subsidies, while prices for crops fell 40 percent. Cocoa spot price climbed from $2,033 to $2,171 per metric ton on ICE as of 22:02 GMT today and reached $2,199 earlier.

Crude oil fell today after a report showed that German industrial production declined. Germany’s output dropped 0.6 percent in November, following the 0.8 advance in October. Oil also slid on easing concerns that Iran would disrupt oil supplies from the Persian Gulf. February contract for delivery of crude oil slipped $0.25 to $101.31 per barrel on NYMEX, the lowest price this year. Brent oil declined from $113.42 to $112.33 on ICE.

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