Germany increases cocoa acquisitions
butter purchases last week, according to Hamburg traders.
Hamburg traders revealed that the German confectionery industry made significant cocoa and cocoa butter purchases last week. One leading European cocoa butter producer sold out its entire butter output for 2003, according to news agency Reuters.
There was German purchasing of cocoa beans for delivery in the fourth quarter of 2003 and first quarter of 2004, along with spot purchasing.
Hamburg traders reported that beans from Ivory Coast's new mid-crop were being offered more aggressively in Germany and finding purchase interest. The German confectionery industry also made large purchases of beans from other countries, including Indonesia.
Experts believe that further purchasing is possible this week,especially if London prices continue to fall.
Cocoa butter prices have in general risen sharply in the past month after production cuts in the Ivory Coast and elsewhere limited available supplies.
