Cocoa prices rebound

Cocoa prices rebound

KUALA LUMPUR (Reuters): Cocoa prices rebounded in Malaysia and Indonesia yesterday, spurred by a rise in New York and by parched weather that kept domestic bean supplies tight, traders said.

The New York market closed broadly higher on Tuesday in brisk volume, fueled by heavy speculative short covering.

The weakness of the ringgit against the U.S. dollar also kept prices firm in Malaysia, they said.

Yesterday, the Malaysian Cocoa Board (MCB) quoted the SMC 1A grade out of Tawau at an average of 4,801 ringgit (US$1,464) a ton, up 74 ringgit from Tuesday but down 167 ringgit from a week ago.

The SMC 1B grade from Tawau was priced an average of 4,756 a ton, up 73 ringgit from Tuesday but down 169 from a week ago.

Traders said fair, average Indonesian quality beans were quoted at 5,200-5,250 rupiah/kg at Ujung Pandang, unchanged from a week ago.