ICCO says cocoa deficit lower than stocks survey showed
Friday, 31 January 2014 00:52
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LONDON (Reuters): The International Cocoa Organisation said on Tuesday that the global cocoa supply deficit for the 2012/13 season was lower than the 310,000 tonnes identified by its annual stocks survey.
Cocoa prices rose sharply last week after industry sources said preliminary data collected by the ICCO showed world stocks have fallen by around 300,000 tonnes, which could indicate a wider global deficit than traders had expected.
The ICCO said survey results had underestimated existing world stocks, partly due to an increase in stocks held in locations not reporting to the survey.
The cocoa body said it maintained its forecast for a global cocoa deficit of 160,000 tonnes for the 2012/13 season with the estimate due to be revised in late February.
