Source: Reuters
13/11/2009
Abidjan, Nov 13 - Cocoa arrivals at ports in top grower Ivory Coast exceeded 200,000 tonnes by the end of last week, sector data obtained by Reuters on Friday showed, confirming signs of a better than expected start to the season.
The 2009/10 campaign began on Oct. 1 with forecasts of a new slump in volumes, underlining supply concerns that have kept prices near multi-decade highs in New York and London this year.
But arrivals at the ports of Abidjan and San Pedro by Nov. 8 reached 208,261, the Bourse du Cafe et Cacao (BCC) data showed, well ahead of the 122,839 tonnes recorded for the same period in last year's season.
Some 24,122 tonnes of beans arrived at the same ports in the week from Nov. 2 to Nov. 8, down from 33,719 tonnes in the same week of the 2008/2009 season.
Several exporters said some large buyers had yet to declare their purchases for last week, which meant figures for that period could yet be revised even further upwards.
"At least 30,000 tonnes are missing from these figures. The big buyers haven't declared," said an agent at a multinational exporter in Abidjan.
Doubts remain over the second half of the October-April main crop, with observers saying the balance between sunshine and rain during November would be crucial for the development of buds on the tree to ensure they are ready for picking later.
ICE March cocoa slipped $9 to $3,124 per tonne at 1350 GMT on Friday, while London March cocoa also stood just lower at 2,069 pounds per tonne.
Analysts have predicted that this year's crop will at best match or come in lower than last year's total of around 1.2 million tonnes, the worst harvest in five years.
The sector has been plagued by an acute lack of investment during the political limbo that has followed a 2002-2003 civil war. Elections, meant to end the political deadlock and pave the way for long-term reforms, have been repeatedly delayed.
13/11/2009
Abidjan, Nov 13 - Cocoa arrivals at ports in top grower Ivory Coast exceeded 200,000 tonnes by the end of last week, sector data obtained by Reuters on Friday showed, confirming signs of a better than expected start to the season.
The 2009/10 campaign began on Oct. 1 with forecasts of a new slump in volumes, underlining supply concerns that have kept prices near multi-decade highs in New York and London this year.
But arrivals at the ports of Abidjan and San Pedro by Nov. 8 reached 208,261, the Bourse du Cafe et Cacao (BCC) data showed, well ahead of the 122,839 tonnes recorded for the same period in last year's season.
Some 24,122 tonnes of beans arrived at the same ports in the week from Nov. 2 to Nov. 8, down from 33,719 tonnes in the same week of the 2008/2009 season.
Several exporters said some large buyers had yet to declare their purchases for last week, which meant figures for that period could yet be revised even further upwards.
"At least 30,000 tonnes are missing from these figures. The big buyers haven't declared," said an agent at a multinational exporter in Abidjan.
Doubts remain over the second half of the October-April main crop, with observers saying the balance between sunshine and rain during November would be crucial for the development of buds on the tree to ensure they are ready for picking later.
ICE March cocoa slipped $9 to $3,124 per tonne at 1350 GMT on Friday, while London March cocoa also stood just lower at 2,069 pounds per tonne.
Analysts have predicted that this year's crop will at best match or come in lower than last year's total of around 1.2 million tonnes, the worst harvest in five years.
The sector has been plagued by an acute lack of investment during the political limbo that has followed a 2002-2003 civil war. Elections, meant to end the political deadlock and pave the way for long-term reforms, have been repeatedly delayed.
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