Liffe Cocoa Delivery for September Futures Was 20,680TMorgane Lapeyre
Cocoa delivered against the expired September futures contract on Liffe came to 20,680 metric tons, with most of the beans coming from Ivory Coast and Nigeria.
Beans from Ivory Coast, the world’s top grower, accounted for 8,150 tons of the delivery, while Nigeria supplied 7,030 tons, according to a statement ICE Guardian published on its website on behalf of Liffe today. Peru and Sierra Leone contributed 3,340 tons and 1,060 tons respectively. Societe Generale Newedge U.K. Ltd. was the only buyer and JP Morgan Securities Plc. the main seller, according to exchange data.
Newedge also sold 1,450 tons. Brokers act on behalf of clients including trading houses, consumers and producers to buy or sell commodities through the exchange. BNP Paribas Commodity Futures Ltd. delivered 4,760 tons and ABN AMRO Clearing Bank NV 4,000 tons, the data showed.
The September futures expired yesterday at 2,038 pounds ($3,300) a ton, a 38-pound premium to the December contract, data on Bloomberg showed. That market structure, in which earlier-dated contracts are priced higher than later ones, is known as backwardation and may signal limited supplies.
Global cocoa supplies will exceed demand by 40,000 tons in the 2013-14 season, the International Cocoa Organization estimated on Aug. 29. This may be followed by a deficit “slightly” below 100,000 tons in the next season starting in October, Laurent Pipitone, director of the ICCO’s economics and statistics division, said at a conference in June.
Last September the delivery was 18,670 tons.