Noticias cacao 15 julio

DJ ICE Cocoa Review: Slips; London Expiry Stokes Supply Concerns
NEW YORK (Dow Jones)--New York cocoa prices slipped Thursday, while the
London market spiked to fresh 33-year highs as NYSE Liffe scrambled to shore up
stockpiles of the bean to meet potential demand from holders of futures
contract.

ICE Futures U.S. July cocoa settled down $67, or 2%, at $3,067 a metric ton.

July Liffe cocoa futures expired Thursday and 24,866 contracts were still
outstanding, an unusually high number especially during a season when supplies
of cocoa beans, which are ground into powder and butter to make chocolate, are
thinnest. These contracts represent cocoa beans worth almost GBP680 million.

Liffe, whose cocoa market has been criticized for lacking transparency, was
scrambling to certify that beans being delivered met quality standards, an
indication that actual physical deliveries against the contract would also be
high.

Market participants still holding contracts still have time to decide how
deliveries will be handled, and more information will become available on
Friday, the first day that traders can telegraph their intentions to take
ownership of actual cocoa beans.

The supply situation for the futures contract, however, is coming down to the
wire, a reflection of tightening supplies in the global market.

According to the latest figures from Liffe, 246,810 metric tons of cocoa were
available for delivery, which is just short of the 248,660 that could
theoretically be claimed.

Cocoa end-users, like confectioners and food manufacturers, have complained
about Liffe's lack of transparency, which they say creates a breeding ground
for price volatility.

Earlier this month, 16 European market participants sent a letter to the
exchange and the U.K.'s financial services regulator protesting the recent
price rise. Commercial users of cocoa say the market has been inundated with
speculative investors.

"Industries dependent on trade will have to bypass the exchange," said
Andreas Christiansen, chairman of the German Cocoa Trade Association, a trade
group that including 28 members of the cocoa industry. "They must take action
to move away from pure speculation."

Cocoa beans historically have been difficult to procure due to political
instability and civil unrest in big growers such as the Ivory Coast. The
International Cocoa Organization in May said that global cocoa output would
fall short of demand by 1% in the current marketing year. At the same time,
there are indications that demand is rebounding from recession lows. The number
of beans ground in North America during the second quarter were 12% higher
compared with the same period in 2009. Europe has also seen higher demand.

ICE trading volume was estimated 11,445 contracts, according to exchange
data. In options, approximately 217 calls and 3 puts traded.

ICE cocoa open interest--the number of active positions left at the end of
the session--increased by 3,222 positions Wednesday to total 126,645, the
exchange reported.

Close Change Range (To the point of settlement)
Jly $3,067 -$67 $3,067-$3,067
Sep $3,144 -$ 9 $3,116-$3,160