LONDON COCOA STANDS HARDLY CHANGED AT MIDDAY
Cocoa futures stood hardly changed from
last night at midday with near July last traded at yesterday's
offered level of 1,318 stg from a 1,324 high, dealers said.
    Overnight steadiness in New York was balanced by firm
sterling versus the dollar and continued availability of West
African new crop physical offers, notably Ghana and Ivory.
    The Ivory Coast was believed offering new crop around 1,325
French francs per 100 kilos cif while Ghana was offering around
1,460 stg a tonne cif for Dec/Feb-Jan/Mar, dealers said.
    Volume midday was 1,013 lots including 130 crosses.
    Apart from the prospect of ICCO buffer stock buying in the
near future, the only other bullish feature on the immediate
horizon is the recently lower trade forecast for Bahia's
temporao crop which ranged between 1.5 and 2.0 mln bags from
2.0 to 2.5 mln bags previously and compared with initial
expectations of three mln bags, dealers said.
    Some traders are now saying the temporao is more likely to
be near the lower end of the new range although this could be
offset by a higher than expected Ivory Coast mid-crop.
    Resale physicals were quiet although light enquiry was
seen, the dealers said.
 REUTER
