Fund short-covering early in the week helped take cocoa off near six-month lows but appeared to be running into headwinds again later from higher origin crop forecasts.
The governments of Ivory Coast and Ghana haven’t made progress in their plans to halt price volatility in the global cocoa market and it is doubtful if their goal will be achieved for a long time.
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Top global cocoa producer Ivory Coast continues to see a decline in its weekly cocoa arrivals as the season begins to draw to an end.
Singapore-based commodities trader Olam International reported a 13.6% fall in H1 2018 profit after tax and minority interest (PATMI) compared with the same period in the previous year. This was despite revenues increasing by 11.4% to SGD13.72 billion (USD9.88 bln) and handled volume by 52.2% to 13.6 mln tonnes, due to a worse performance from the coffee, peanuts and edible oils sides of the business.
Cocoa futures were higher in New York, but lower in London.
Prices for Madagascan vanilla and Bolivian Brazil nuts eased back while sugar futures also lost ground last week. Firmer than expected wheat and soybean prices offered some support to corn futures. Meanwhile European prices of skimmed milk powder (SMP) and lamb are edging closer to values in New Zealand.
Futures were a little lower again in mostly consolidation trade for both New York and London.
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