10 Jul 2007
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"While profit-taking has pressured cocoa... the outlook for world supplies to remain tight amid rising demand and the bullish fundamental set-up should maintain the market up-trend," said an analyst.
Fundamentally, the supply outlook looks tight and global demand could outpace supply for the year to September by 100,000-125,000 tonnes, said International Cocoa Organisation head Jan Vingerhoets. Fortis expects a 236,000-tonne deficit.
Although profit-taking is sending prices lower in the near term, the first analyst added, cocoa is still supported by fears violence in the
Cocoa prices have gained 12 pct in five weeks.
Elsewhere, rains remained adequate in
Meanwhile, white sugar for October delivery on the Euronext Liffe was down at 311.50 usd from 312.00 usd on Friday, while Robusta coffee for September delivery was largely flat at 1,898 usd from 1,897 usd.
Source: sharewatch.com
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