The current review of the cocoa market situation reports on price movements on the international markets during the month of March 2008.  Chart I illustrates price movements on the London (LIFFE) and New York (ICE Futures U.S.) markets in March.

Chart II shows the evolution of the ICCO daily prices denominated in U.S. dollars and SDRs for the period from January to March 2008.  Chart III depicts the link between New York futures prices and the exchange rate of the U.S. dollar against the Pound Sterling in March.  Chart IV illustrates the arbitrage spread between the New York and London futures markets.  Finally, Chart V shows the recent development in the monthly average of the ICCO daily prices volatility.