LONDON COCOA CLOSES NARROWLY MIXED
Cocoa futures ended a moderate day's
trade narrowly mixed from last night at one stg down to two up
in a 2,227 lot volume including 523 crossed and 278 switches.
    Dealers said contrasting bearish and bullish factors kept
the market in narrow range trading, leaving July quoted at
1,319 stg from 1,318 asked yesterday and a high-low of
1,324/1,316.
    Prices were pressured early by firm sterling against the
dollar as well as overhead West African new crop offers.
    Opposing support was seen from prospective ICCO buffer
stock buying (possibly next week) and recent Bahia Temperao
crop forecasts at down to 1.5 mln bags, dealers said.
    The Ivory Coast was believed to have sold new crop
yesterday around 1,325 French francs per 100 kilos cif while
Ghana was also reported to be offering new crop at 1,460 stg a
tonne cif.
    Such offers were still available although the fall from
earlier highs would have made them out of reach, dealers said.
    Resale physicals were basically quiet although some
book-squaring was likely to have taken place in the run-up to
buffer stock buying, they said.
 REUTER
