West African Cocoa Premium Is Said To Hold Steady Over Past Week

The premium paid in Europe for cocoa from Ivory Coast and Ghana, the world’s largest growers, was steady in the past week, according to three traders with direct knowledge of the sales.

Ghanaian beans in the European market cost 90 pounds ($142) to 110 pounds a metric ton more than futures on NYSE Liffe in London, according to the traders who declined to be identified because they’re not authorized to speak to the media. The premium was 90 pounds to 100 pounds last week.

Cocoa beans from Ivory Coast, the world’s largest producer, were 60 pounds to 65 pounds a ton higher than the Liffe price in the European market, the traders said. That compares with 60 pounds to 70 pounds last week.

Cocoa for December delivery traded at 1,579 pounds a ton by 2:19 p.m. on NYSE Liffe.

Source: http://www.bloomberg.com/news/2012-07-27/west-african-cocoa-premium-is-said-to-hold-steady-over-past-week.html