Bloomberg News

Ghana Cocoa Premiums Little Changed in Europe Over the Past Week

August 03, 2012

The premium paid in Europe for cocoa from Ghana, the world’s second-largest grower, was little changed over the past week, according to three traders with direct knowledge of the sales.

Ghanaian beans in the European market cost 90 pounds ($140) to 100 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 110 pounds last week.

Ghana may have already sold 425,000 to 500,000 tons of beans from the 2012-13 crop that starts in October, Drew Geraghty, a broker at ICAP Futures LLC in Jersey City, New Jersey, said in a report on Aug. 1. The crop in 2011-12 was an estimated 890,000 tons, according to the London-based International Cocoa Organization.

Beans from top producer Ivory Coast were at a premium of 60 pounds a ton above the NYSE Liffe price, said the traders. That compares with 60 pounds to 65 pounds a ton last week.

Cocoa for December delivery settled unchanged at 1,630 pounds a ton on NYSE Liffe.

To contact the reporter on this story: Isis Almeida in London at Ialmeida3@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.


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