COCOA BUFFER DIFFERENTIALS DETAILED
The International Cocoa Organization
(ICCO) council agreed standard price differentials for
different origin cocoas to form part of the buffer stock buying
and selling procedure, consumer delegates said.
    The buffer stock manager will accept offers for different
origin cocoas according to a sliding scale of price
differentials, under which Ghana cocoa will be pegged at a 137
stg premium to Malaysian.
    Thus, if the buffer stock manager was buying cocoa based on
a Malaysian price of 1,200 stg a tonne, he would accept Ghana
offers up to 1,337 stg.
    Differentials were fixed as follows,
 Country       Differential stg/tonne
 Malaysia           0
 Brazil            55
 Ivory Coast       67
 Cameroun          77
 Nigeria          120
 Togo             130
 Ghana            137
    Nigeria's differential is on "landed weight" terms. Shipping
weight terms will be accepted at a 15 stg discount to this
rate.
 Reuter
