Chocolate could get more expensive

The price of cocoa extended its biggest weekly rise in five years as a revolt unravels in Cote d'Ivoire, which produces almost half of the world's cocoa beans.

The African country's army has failed to reach a deal with mutinous soldiers who are demanding delayed bonus payments. The government pledged to pay them after a mutiny in January but neglected to do it after a collapse in the price of cocoa, Cote d'Ivoire's main export.

On Monday, cocoa prices were up two percent trading at $2,057 per metric ton.

However, despite the recent rise, prices remain the lowest in years. Cocoa has fallen 27 percent in the last 12 months on the expectation of bumper crops in West Africa.

The Cote d'Ivoire army began advancing toward Bouake, the center of the revolt. A spokesman for the mutiny said there were no armed clashes, and mutineers were firing in the air, urging the...