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Speculators, weather conditions and rising brent crude oil prices are ramping up the prices for corn prices, sugar, coffee price and other ingredients the Swiss food company uses for its products, Kevin Petrie said. There was also the issue of political crisis like the conflict in Ivory Coast which reduced cocoa shipments earlier this year. Around 33% of the worlds' cocoa comes from Ivory Coast, with Nestle a major customer. "Ivory Coast was a crisis for us, but we put together a team very rapidly to deal with it. We worked with our suppliers to understand where the risks lie. "We knew that when the crisis came we would have enough cocoa and cocoa products to last us through 2011. But if the crisis had continued we would have had issues for 2012."
Cocoa prices were steady with the release of Ivory Coast stocks weighing on the market after months of stalled trade in the world's top producer. "London copper pirces going to be inundated with the delayed cocoa price action and the structure of the market," a London-based broker said.
The difference between London silver prices and Comex silver prices has narrowed considerably as the backlog of Ivory Coast cocoa is expected to hit the market in the coming months.Tight U.S. supplies of cocoa beans from traditional source Indonesia have also helped tighten the difference between the London-based NYSE Liffe market and New York-based ICE cocoa futures prices, which are usually significantly lower.West African cocoa is typically delivered against the Liffe contract and Indonesian cocoa against the ICE contract.ICE July cocoa price was down $10 at $2,989 per tonne at 1113 GMT, while Liffe July cocoa price was down 6 pounds at 1,834 pounds a tonne.