A mortar attack that killed 25 civilians near the Ivory Coast of Abidjan has been condemned by the UN, and it could be labelled at crime against humanity.
This is just the latest event in the prolonged escalation of the crisis in the Ivory Coast. The country has been split into two political factions, one loyal the the incumbent president clinging on to power, Laurent Gbagbo, and the newly elected president, Alassane Ouattara.
The conflict is wreaking havoc on the cocoa market, but the price has fallen off dramatically today. The sharp selloff was right around when the UN released the news on the shelling that killed women and children, according to Bloomberg.
Traders may be betting that the attack of civilians will forces a UN intervention that will stabilise the country and make cocoa exports cheaper. It was also revealed today the long positions held by hedge funds in cocoa had declined this last week (CFTC via Bloomberg).