London July cocoa expiry sees 18,450 tonnes tendered


LONDON, July 17 – A total of 18,450 tonnes of cocoa was tendered against the ICE July London cocoa contract, exchange data showed on Tuesday.

The delivery against the July contract, which expired on Monday, was mostly made up of 11,680 tonnes of cocoa from Cameroon, 2,700 tonnes from Nigeria and 2,620 tonnes from Ivory Coast.

Smaller volumes of cocoa from other origins, including Guinea, Venezuela, Ecuador and Togo, were also tendered against the contract.

The buyers were Societe Generale International Limited (9,280 tonnes) and Sucden Financial Limited (9,170 tonnes).

The sellers were J.P. Morgan Securities LLC (9,610 tonnes), BNP Paribas Commodity Futures Ltd (2,840 tonnes), INTL FCStone Ltd (1,960 tonnes), ADM Investor Services International Ltd (1,880 tonnes), Societe Generale International Limited (1,510 tonnes), ABN AMRO Clearing Bank N.V. (510 tonnes) and Sucden Financial Limited (140 tonnes).

July London cocoa prices had surged to a dramatic premium ahead of expiry, as a scarcity of quality beans in Europe made the futures market an increasingly attractive source of cocoa, trade sources say. (Reporting by Ana Ionova; Editing by Kirsten Donovan)