SE Asian cocoa prices mixed against NY fall<\/p>\n
KUALA LUMPUR (Reuter): Cocoa prices in Malaysia rose
\nyesterday, fueled by strong demand for cocoa beans, while
\nIndonesia quoted lower in tandem with an overnight fall on New
\nYork CSCE cocoa futures.<\/p>\n
A bad early crop, which could slash Malaysia's usual mid-year
\ncocoa harvest by 60 percent, was keeping prices firm and
\npressuring traders to source beans from other growing nations.<\/p>\n
"We're importing as much as we can from Indonesia and Ivory
\nCoast to meet the demand of the 12 local (bean) grinders," said a
\ntrader in Malaysia's cocoa main growing area of Tawau.<\/p>\n
Industry sources said demand was so high that grinders were
\nreluctant to complain about bean quality.<\/p>\n
"I told a fussy grinder he could return the beans from my farm
\nif he wasn't happy. He quickly said it was all right," a grower
\nin Tawau told Reuters.<\/p>\n
On Wednesday, the Malaysian Cocoa Board quoted Standard
\nMalaysian Cocoa (SMC) Grade 1A out of Tawau at an average of
\n3,428 ringgit a ton and Grade 1B, also out of Tawau, at an
\naverage of 3,388 ringgit.<\/p>\n
Compared to Tuesday, the 1A was up 38 ringgit while the 1B was
\nup 68 ringgit.<\/p>\n
But if compared to a week ago, the 1A was up 60 ringgit, while
\n1B was down 100 ringgit.<\/p>\n
On Wednesday, trading houses quoted the 1A at around 3,478 and
\nthe 1B at 3,408-3,418.<\/p>\n
In Indonesia, cocoa prices were marginally lower in line with
\na decline in New York overnight, with market activity easing on
\nthe eve of the country's general election.<\/p>\n
Traders said fair average quality (FAQ) cocoa beans were
\nquoted at Rp 3,040-3,050 per kg at Ujungpandang, capital of the
\nkey growing region of South Sulawesi, compared with Rp 3,050-
\n3,070 on Tuesday and Rp 3,025-3,050 a week ago.<\/p>\n
Cocoa was quoted at Rp 3,512 per kg in the North Sumatran
\ncapital of Medan, unchanged from Tuesday and compared with Rp
\n3,530 a kg a week ago.<\/p>\n
"There are some players covering to fill contracts, but the
\nmarket overall is quiet because of the elections," one trader
\nsaid. "Farm workers will be going to their villages to vote."<\/p>\n
Nearly 125 million Indonesians are eligible to vote in the
\nelections on Thursday. Pre-poll violence has been the worst in
\nmore than three decades.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/se-asian-cocoa-prices-mixed-against-ny-fall-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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