Europe’s Cocoa Processing Seen at 3-Year Low in Second Quarter
Category: Cocoa
(Bloomberg) – Cocoa-bean processing in Europe probably fell to the lowest in three years in the second quarter as higher prices cut demand for chocolate-making.
In the three months through June, grindings declined 2 percent to about 301,779 metric tons, based on the median estimate of 11 analysts and traders surveyed by Bloomberg News. London cocoa futures averaged about 2,052 pounds ($3,161) a metric ton in the period from 1,883 pounds a year earlier.
Global chocolate confectionery sales fell 2.1 percent from September to April, with European marketing declining 2 percent, Barry Callebaut AG, the world’s largest cocoa processor, said in an earnings presentation on Wednesday.
Estimates for grindings ranged from a 6 percent year-on-year drop to an increase of 5.5 percent. Usage is seen falling 11 percent from 337,706 tons in the first quarter of 2015, based on the median. Processing was 292,551 tons in the second quarter of 2012, according to European Cocoa Association data.
The ECA is scheduled to report second-quarter grind statistics on July 14 in Brussels
