One of the globe’s largest exporters of cocoa beans likely dropped shipments for a fourth consecutive year in 2012 because of strong demand issued by local grinders, a growers’ group told Bloomberg.
Exports from Indonesia, which trails only the West African nations of Ivory Coast and Ghana, are poised to drop 26 percent this year to amount to 100,000 metric tons, secretary general Dakhri Sanusi with the Indonesian Cocoa Association said. Figures from 2011 amounted to 210,067 metric tons, the group noted.
“Local processing capacity is increasing because of new investment and upgrades by existing grinders,” the secretary general told the news service on Wednesday, noting that grinding increased to roughly 300,000 tons in 2012. Figures from 2011 amounted to 250,000 metric tons in 2011.
At 12:21 p.m. on Wednesday, cocoa futures gained 0.12 percent, a $3 rise to $2,216 per metric ton.
The Ivory Coast, the globe’s top grower of the soft commodity, is poised to have a strong harvest of the sweetener this season, one trader told Reuters late last week.
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