New York cocoa futures eased Friday as Ivory Coast exporters got back to business after days of anti-foreign tumult that had curbed shipments, causing prices to spike to levels not seen in more than one year. But lingering instability in the world's leading cocoa producing nation has market players on edge, traders and analysts said.
"I think the market has pulled back because the initial violence subsided, but I think the market is going to hold around this level as long as the situation is unresolved," said Ann Prendergast, a commodities analyst at Refco Group.
On the New York Board of Trade, most-active March cocoa fell $31 or 1.8 percent to settle at $1,705 a tonne. Front-month December slid $46 to $1,694 and more distant futures shed $20 to $26.
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