Ivory’s Coast’s cocoa port volumes continue to be below year-ago levels but are steadily growing, exporters estimated.
Cocoa futures continued the upward slant in both New York and London following a week of bullish news.
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Cocoa futures saw an uptick in both New York and London as Ivory Coast reported a rise in its cocoa grindings.
Ivory Coast cocoa grinders had processed 45,000 tonnes of beans by the end of October, the first month of the new season, up 15% on the same month of last year, data from the exporters' association GEPEX showed on this week according to Reuters.
Futures in both New York and London as values continue to move away from 10-month peaks seen last week.
ICE cocoa futures corrected USD11 higher to USD2140/MT, basis the March contract, amid the prospect of a decline in Ivorian output, leading to a more balanced global market in 2017/18 after last season's large surplus.
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