A Weekly Newsletter of Cocoa Producers' Alliance by qkz10053


									                                               COPAL COCOA Info
                                                      A Weekly Newsletter of Cocoa Producers' Alliance

                                                                                                           th        th
                  Issue No. 256                                                                           5 – 9 November 2007

                  ICCO Daily Cocoa Prices
In-House Cocoa Newsletter
 Cocoa Producers' Alliance

                                                  ICCO daily            ICCO daily                  London                      New York
                                                    price                 price                     futures                      futures
                                                 (SDRs/tone)            (US$/tone)                  (#/tone)                   (US$/tone)
                     5th November                 1,244.39               1,959.12                    954.67                    1,945.00
                     6th November                 1,246.96               1,966.72                    956.33                    1,950.67
                     7th November                 1,241.06               1,968.52                    949.67                    1,950.67
                     8th November                 1,245.60               1,975.36                    951.00                    1,956.33
                     9th November                 1,230.20               1,954.96                    947.00                    1,942.00
                        Average                   1,241.64               1,964.94                    951.73                     1,948.93

                  Up-coming Events

                                       BY COPAL DURING THE AFRICAN CUP OF NATIONS 2008

                In the News (from Newspapers worldwide)
                 Health and Nutrition                             Business & Economy
                  Cocoa Intake and Blood Pressure - health        Barry Callebaut to pass on higher raw material        INSIDE THIS ISSUE:
                  Chocolate for health conscious - health            costs through price hikes UPDATE - busimess
                                                                   Manufacturers make big sales growth for                  ICCO DAILY COCOA
                 Production & Quality                                 Callebaut - business                                    PRICES
                  Nigeria: Ogun Broadens Farmers' Knowledge       ADM profits rise on higher selling prices -
                     On Cash Crops - prod                             busines                                                UP-COMING EVENTS
                  Farmers urged to grasp new concept - prod       Nestle Expanding Production in Nigeria -
                  Black Pod Cocoa Fears Grow as Ivorian Rains        business                                               LONDON AND NEW
                     Persist - prod                                Ivory Coast Cocoa Co-Ops Eye Shipping 50%                 YORK FUTURES
                  Rain, Black Pod to Lower Nigeria 07-08 Cocoa       of Crop by 2010 (DJ) - business                         MARKETS UPDATE
                     Output (DJ) - prod                            M‟sia cocoa export to hit RM2.4b in 2007,
                                                                      RM2.6b in 2008 - business                              SPOT PRICES
                 The Market
                                                                  Processing & Manufacturing                                 NEWS
                  Demand for Cocoa Butter Seen Buoyant Last
                     Week - business                               Ghana to Boost Cocoa Processing by 100,000
                  Barry Callebaut Sees Stable Cocoa Prices for       Tons -process
                     Now - business
                  Volatility Could Improve Premiums in Cocoa     Others
                     Options                                       Bainimarama visits cocoa farmers - prod
                                                                   Chocolate? It‟s hot - business
                       TradeSignals Cocoa Futures Morning
                       Commentary -- 2007-11-09 07:01:25

                                                Do your health a favour, drink Cocoa everyday

                                         LAGOS, NIGERIA. TEL: +234(0)1-263-5574 FAX: +234(0)1-263-5684                                           1
                                            Email: econs@copal-cpa.org Website: www.copal-cpa.org
                    International Financial Futures and Options Exchange (LIFFE)
                       London Futures Market – Summary of Trading Activities
                                             (£ per tonne)

Monday             5th November            2007
Month                   Opening Trans          Settle      Change     Daily High   Daily Low    Volume
    Dec 2007                953                 934          -21         955         933         5,054
    Mar 2008                978                 959          -21         980         957         6,594
    May 2008                983                 971          -21         992         973         1,176
     Jul 2008               999                 984          -21         1004        983S        1,257
    Sep 2008                1009                995          -20         1012        995         1,913
    Dec 2008                1017               1004          -19         1022        1009        2,283
    Mar 2009                1025               1016          -20        1034S        1024        322
    May 2009                                   1027          -17                                  0
     Jul 2009                                  1037          -14                                  0
    Sep 2009                                   1042          -14                                  0
Totals                                          997                                             18599

Tuesday            6th November            2007
Month                   Opening Trans          Settle      Change        High        Low        Volume
    Dec 2007                931                 936           2          942         924         4,204
    Mar 2008                961                 960           1          966         949         4,774
    May 2008                963                 973           2         978S         962         259
     Jul 2008               984                 987           3          993         980         502
    Sep 2008                994                 998           3         1001S        994          35
    Dec 2008               1007                1007           3         1012        1005         177
    Mar 2009                1020               1019           3          1024        1020         10
    May 2009                                   1028           1                                   0
     Jul 2009                                  1037           0                                   0
    Sep 2009                                   1042           0                                   0
Totals                                          994                                              9,961

Wednesday          7th November            2007
Month                   Opening Trans          Settle      Change        High        Low        Volume
    Dec 2007                940                 926          -10         945         926         5,328
    Mar 2008                965                 955          -5          970         955         4,530
    May 2008                980                 968          -5         980S         968         141
     Jul 2008               994                 981          -6          994         981         371
    Sep 2008                993                 992          -6         993S         992          22
    Dec 2008                1013               1000          -7         1013        1003S        554
    Mar 2009                1021               1011          -8         1021S       1014S        557
    May 2009               1034                1021          -7          1034        1032         85
     Jul 2009                                  1030          -7                                   0
    Sep 2009                                   1035          -7                                   0
Totals                                          992                                             11,588

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Thursday             8th November          2007
Month                   Opening Trans          Settle      Change        High        Low        Volume
    Dec 2007                928                 925          -1          934         923         5,933
    Mar 2008                956                 957           2         963S         954         7,814
    May 2008                970                 971           3          976         968         834
     Jul 2008               982                 986           5          990         982         2,223
    Sep 2008                992                 996           4         999S         992S        575
    Dec 2008               1000                1002           2         1006S       1000S        1,580
    Mar 2009               1015                1013           2         1016S       1012S        751
    May 2009                                   1022           1                                   0
     Jul 2009                                  1031           1                                   0
     Sep 2009                                  1036           1                                   0
Totals                                          994                                             19,710

Friday               9th November          2007
Month                   Opening Trans          Settle      Change        High        Low        Volume
    Dec 2007                929                 922          -3          930         919         6,061
    Mar 2008                960                 952          -5          962         950         7,858
    May 2008                972                 967          -4          974         965         1,368
     Jul 2008               987                 981          -5         987S         980         1,825
    Sep 2008                991                 991          -5         995S         990         309
    Dec 2008                1006                997          -5         1006S        996         749
    Mar 2009                1018               1008          -5         1018S        1008        231
    May 2009                                   1017          -5                                   0
     Jul 2009                                  1026          -5                                   0
     Sep 2009                                  1031          -5                                   0
Totals                                          989                                             18,401

Average for the
week                                           1050                                             15652
Total for the week                                                                              78,259

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                            New York Board of Trade (CSCE)
                New York Futures Market – Summary of Trading Activities
                                             ($ per tonne)

Monday                    5th November                       2007
Month                                 Open                    Price   Change   High   Low    Volume
         Dec 2007                     1958                    1937     -33     1966   1920    5249
         Mar 2008                     1966                    1947     -31     1972   1935    5451
         May 2008                     1947                    1947     -33     1947   1947    310
         Jul 2008                     1955                    1955     -35     1955   1955     80
         Sep 2008                     1970                    1970     -35     1970   1970     21
         Dec 2008                     1991                    1991     -33     1991   1991    271
         Mar 2009                     2051                    2015     -34     2015   2015    733
         May 2009                     2040                    2040     -29     2040   2040
         Jul 2009                     2065                    2065     -29     2065   2065
         Sep 2009                     2075                    2075     -29     2075   2075
Totals                                                        1994                           12115

Tuesday                   6th November                       2007
Month                                 Open                    Price   Change   High   Low    Volume
         Dec 2007                     1927                    1942      5      1955   1927    10115
         Mar 2008                     1936                    1954      7      1960   1936    8990
         May 2008                     1956                    1956      9      1956   1956    418
         Jul 2008                     1964                    1964      9      1964   1964    100
         Sep 2008                     1978                    1978      8      1978   1978    937
         Dec 2008                     1999                    1999      8      1999   1999     70
         Mar 2009                     2022                    2022      7      2022   2022    269
         May 2009                     2044                    2044      4      2044   2044
         Jul 2009                     2069                    2069      4      2069   2069
         Sep 2009                     2079                    2079      4      2079   2079
Totals                                                        2001                           20899

Wednesday                 7th November                       2007
Month                                 Open                    Price   Change   High   Low    Volume
         Dec 2007                     1970                    1941      -1     1976   1940    7830
         Mar 2008                     1979                    1954      0      1986   1953    8037
         May 2008                     1956                    1956      0      1956   1956    614
         Jul 2008                     1964                    1964      0      1964   1964    435
         Sep 2008                     1976                    1976      -2     1976   1976     53
         Dec 2008                     1995                    1995      -4     1995   1995    513
         Mar 2009                     2015                    2015      -7     2015   2015     14
         May 2009                     2029                    2029     -15     2029   2029
         Jul 2009                     2049                    2049     -20     2049   2049
         Sep 2009                     2065                    2065     -14     2065   2065
Totals                                                        1994                           17496

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Thursday                       8th November                    2007
Month                                       Open                Price         Change    High     Low    Volume
         Dec 2007                           1950                1945            4       1962     1943    12773
         Mar 2008                           1965                1969            15      1990     1965    13208
         May 2008                           1973                1973            17      1973     1973    1473
         Jul 2008                           1981                1981            17      1981     1981     117
         Sep 2008                           1991                1991            15      1991     1991     75
         Dec 2008                           2009                2009            14      2009     2009     54
         Mar 2009                           2030                2030            15      2030     2030     940
         May 2009                           2041                2041            12      2041     2041     103
          Jul 2009                          2062                2062            13      2062     2062
         Sep 2009                           2078                2078            13      2078     2078
Totals                                                          2008                                     28743

Friday                         9th November                    2007
Month                                       Open                Price         Change    High     Low    Volume
         Dec 2007                                               1921           -24
         Mar 2008                                               1951           -18
         May 2008                                               1959           -14
         Jul 2008                                               1966           -15
         Sep 2008                                               1978           -13
         Dec 2008                                               1995           -14
         Mar 2009                                               2010           -20
         May 2009                                               2029           -12
          Jul 2009                                              2054            -8
         Sep 2009                                               2070            -8
Totals                                                          1993

Spot Prices (US $ per tonne)
                                   5th         6th        7th         8th               9th       Average for the Week
                                November    November   November    November          November
Main Crop Ghana, Grade
1                                    2328     2388       2386           2390              2366
Main Crop Ivory Coast,
Grade 1                              2260     2266       2264           2268              2244
Main Crop Nigerian, 1                2247     2253       2251           2255              2231           2247
Superior Arriba                      2467     2473       2471           2475              2451           2467
Sanchez f.a.q                        2284     2290       2288           2292              2268           2284
Malaysian 110                        1942     1948       1946           1950              1926           1942
Sulawesi f.a.q                       2125     2131       2129           2133              2109           2125
Ecuador Cocoa Liquor                 3577     3588       3584           3592              3547           3578
Pure Prime Press African
Type Cocoa Butter                    5669     5687       5681           5692              5622
10/12% Natural Cocoa
Press Cake                           897       900       899            901                890
Source: Cocoa Merchant Association

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Health and Nutrition
Cocoa Intake and Blood Pressure - health
Journal of American Medical Association (subscription), IL
Nov 5, 2007
In their study of cocoa intake and blood pressure, Dr Taubert and colleagues1 concluded that the reduction of diastolic and
systolic blood pressure caused by dark chocolate intake was due to increased formation of S-nitrosoglutathione. Many
biochemical markers were measured in the study using commercially available assays or reported methods. However, we are
not aware of reports of the analytical performance of the liquid chromatography tandem mass spectrometry method used for
the measurement of plasma S-nitrosoglutathione. This is potentially an important problem for research involving S-
nitrosothiols, for which the reported concentrations in biological fluids has a 3–order magnitude range.2

We are also unaware of previous reports of achieving measurement (with a lower limit of detection of 0.1 nmol/L) of such low
plasma baseline levels of S-nitrosoglutathione (0.33 nmol/L) by liquid chromatography tandem mass spectrometry.2-3 Such
methods require full validation to avoid analytical errors; . . . [Full Text of this Article]

Dimitrios Tsikas, PhD, tsikas.dimitros@mh-hannover.de Institute of Clinical Pharmacology, Hannover Medical School, Hannover, Germany
Ranieri Rossi, PhD, Department of Evolutionary Biology, Laboratory of Pharmacology and Toxicology University of Siena Si

Chocolate for health conscious - health
Malaysia Sun, Malaysia
6th November, 2007
A new "healthy" chocolate option has entered stores with confectionary manufacturer, Prestat, claiming that just two squares of
their dark or milk chocolate Choxi+ blend will provide all the antioxidants the human body needs for a whole day.

The upmarket company, which is the chocolatier to the queen, says its new product contains more flavonol antioxidants than
any other food. Antioxidants are known to fight free radicals, which have been linked to heart disease, cancer and other age-
related diseases. The chocolate is processed to preserve two to three times more of the natural antioxidants in cocoa

Production & Quality
Nigeria: Ogun Broadens Farmers' Knowledge On Cash Crops - prod
AllAfrica.com, Washington
5 November 2007
As part of measures to give prominence to six cash crops including Cocoa , Cotton, Cassava, Rice, Oil Palm and Kolanut, the
Ogun State government has put together a workshop to further broaden the knowledge of farmers about the crops. Declaring
open the workshop with the theme:" Sustaining the State Leadership in Long Staple Cotton Production in Nigeria,' the state
commissioner for agriculture, Dr. Iziaq Kunle Salako, highlighted the importance of the training and its timeliness in helping to
resuscitate the ailing textile industry.

 Dr Salako noted that the training programme was crucial to the socio- economic growth and development of the agricultural
sector, stating that the workshop will pass technical and practical knowledge to cotton farmers. He affirmed the commitment of
the Otunba Gbenga Daniel led -government to the boosting of the agriculture sub-sector through assistance to farmers,
including distribution of motorcycles to agricultural extension workers and the granting of credit facilities to farmers by
OSAMCA. Dr Salako assured farmers that the state government will purchase any surplus cotton from farmers and pay
immediately. He gave an assurance that some of the problems being faced by them will be looked into, particularly bad road

In his submission, the permanent secretary in the Ministry, Rev. Aderemi Onajole, enjoined participants to tap from the
knowledge of the guest lecturer, Professor Yahya Adeoti, of the University of Agriculture , Abeokuta on new improved

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Farmers urged to grasp new concept - prod
The National, Papua New Guinea
November 7, 2007
IT was now proving impossible to totally eradicate the cocoa pod borer (CPB) in East New Britain, and it is crucial that
farmers are equipped with the integrated pests and diseases management concept (IPDM). Provincial adviser for the Division
of Primary Industry Blaise Magaga said CPB was here to stay and therefore it was important that the IPDM concept was taught
to farmers as careful management of cocoa trees was the only way to ensure that CPB incursions were minimised. He was
addressing farmers during the IPDM field day at Bitagalip last Friday. The IPDM concept is currently being trialled by the
PNG Cocoa and Coconut Institute (PNGCCI). He said the IPDM concept was good and did not require farmers to replant their
blocks or increase the size of their blocks but ensured that farmers properly managed their existing blocks in order to increase
cocoa yield per tree. Mr Magaga said given the shortage of land now currently being experienced in the Gazelle Peninsula, the
IPDM concept was the way to go in enabling farmers to reap maximum benefits from their existing cocoa trees.

The provincial government‟s aim now was to boost the province‟s cocoa production to levels witnessed prior to the 1994
volcanic eruptions. Acting chief executive officer of CCIPNG Hosea Turbarat said the institute had been tasked with
developing strategies to realise the National Government through the PNG Cocoa Board target that by 2013, PNG should
produce about 100,000 metric tonnes of cocoa.
He said IPDM technology was one of the strategies by PNGCCI.

Black Pod Cocoa Fears Grow as Ivorian Rains Persist - prod
Source: Reuters
Abidjan, Nov 6 - Rains continued to fall in Ivory Coast's main cocoa zones in the last week, farmers said, making it harder to
prevent the spread of black pod disease and to dry newly harvested beans properly. In the centre-western Daloa region, which
produces about a quarter of the cocoa in the world's top grower, farmers said rains were light and patchy but could provide
enough moisture to sustain production into the New Year.

They said they were concerned about an increasing number of pods rotting on the trees due to disease or excessive humidity.
"Rain fell here and there and it's been hot," said farmer Attoungbre Kouame whose farm lies on the outskirts of Daloa. "We're
seeing a lot of pods starting to rot on the trees on many farms. I don't know if it's humidity that's doing it or if it's a disease," he
said. The damp-loving fungal disease black pod has spread fast this year in many of the world's top cocoa grower's cocoa
zones during months of wet weather, causing thousands of pods to rot. "It's worrying because a lot of pods have been affected.
It's the first time I've seen that in our region. I heard on the radio that specialists are coming here (on Tuesday) to explain the
problem to us," he said.

In the eastern region of Abengourou, near Ghana, the world's second largest cocoa producer, farmers said the weather was wet
all week and that a lack of sunny spells meant more cocoa pods were being destroyed. "I can say that it's been raining every
night. It brought the wind with it and the sky has been cloudy all week," said farmer Joseph Amani. "It's not good weather for
cocoa. It's helping black pod to spread and making it difficult to dry the beans," he said, adding some farmers would have a
poor harvest this season because they had lost so much cocoa to black pod. "It's not what they had been hoping for," he said.

Farmers in other southern and western regions said conditions were generally good and said they had a few downpours during
the week. They said harvesting was also quickening as more pods become ripe. "We had three big showers last week. The
climate is good and that will give us plenty of cocoa until March because there are still a lot of cherelles (tiny pods) and
flowers on the trees," said farmer Mathurin Kouame.

Rain, Black Pod to Lower Nigeria 07-08 Cocoa Output (DJ) - prod
Source: Dow Jones Newswires
Ibadan, Nov. 8 - Nigerian cocoa officials Thursday said excessive rain and damage caused by black pod disease will lower the
country's 2007-08 production. However, as the season's main crop harvest period (Oct-Jan) gets to the midway stage, it is still
not possible to give an output estimate for the season, the officials said. "I know cocoa is not much, we are not going to see
any spectacular production by Nigeria in the current season," Robo Adhuze, a spokesman for the Cocoa Association of
Nigeria, or CAN, told Dow Jones Newswires.

He said this year's excessive rainfall that resulted in outbreak of the black pod disease damaged the crop, especially in south
western Nigeria. The southwest cocoa belt - Ogun, Oyo, Osun, Ondo and Ekiti states - accounts for 70% of Nigeria's annual

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cocoa production of around 242,000 metric tons. The rainy season usually starts in the southwest in May and ends in October,
while the dry season commences in November and lasts until April. Heavy rains in the southwest between August and
September resulted in widespread black pod disease. Black pod is a fungal disease that thrives in wet and cold conditions. It
has the potential to destroy around 40% of Nigeria's annual cocoa output if farms aren't sprayed with fungicides, according to
the state-run Cocoa Research Institute of Nigeria.

Adhuze said CAN was receiving and tallying production figures from Nigeria's 14 cocoa producing states and it would be in a
position to give Nigeria's production figure for 2007-08 after the exercise. He didn't say when it would be concluded. He said
production by Ondo state, the largest producer, may not match last season's output of 69,000 tons. He said Osun state, Ondo's
neighbour, will likely produce around 25,000-30,000 tons of cocoa in the current season and Edo state in the mid-west may
improve production. Adhuze said production in the south-eastern cocoa belt is set to be better because of good farm
management and gestation of new plantings. He said Cross River state, the largest grower in the southeast, is expected to
produce 60,000 tons of cocoa, compared with its usual 50,000 tons a season.

A senior CRIN official said the southwest cocoa belt had "too much rainfall this year, rain should have stopped in mid-October
but some is still falling in November," He said a survey carried out by CRIN showed black pod incidence was high in the
southwest and farmers didn't get enough chemicals to combat the disease. "I think the country's cocoa output will be affected
by these factors," he told Dow Jones Newswires. "But we can't say now the number of tons the country will produce this
season." Nigeria is the world`s fourth largest cocoa producer after Ivory Coast, Ghana and Indonesia.

The Market
Demand for Cocoa Butter Seen Buoyant Last Week - business
Source: Reuters
London, Nov 2 - Demand for cocoa butter was extremely strong this week as the industry scrambled to cover its requirements
ahead of Christmas and even Easter 2008, dealers said on Friday. "It is a sort of madhouse," one senior European physical
cocoa trader said. "There is very good demand for butter because chocolate production is running at a very high pace. There is
not enough cocoa butter to meet the demand of chocolate makers."

Dealers said cocoa butter ratios rose this week, quoting them at 3.15 for November-December, up from 3.10 last week. They
said industry was not adequately covered for its needs and demand was set to remain strong well into the first quarter of 2008
because Easter will come early next year. Demand for cocoa beans was steady this week, dealers said, quoting Ivorian cocoa
beans at 55 pounds above Liffe December. Dealers voiced concerns over quality of West African main crop cocoa beans,
complaining about poor road infrastructure and delays in bean arrivals to ports. "Cocoa is staying longer in the interior," a
trader said. "Prices at origin are high."

Barry Callebaut Sees Stable Cocoa Prices for Now - business
Source: Reuters
Zurich, Nov 6 - Cocoa prices will remain stable in the coming months, but could later rise again, the world's largest chocolate
maker Barry Callebaut told Reuters on Tuesday. "We think cocoa will stay at the same price for the next couple of months,
but could go up later. Cocoa butter is continuing to go up," Chief Executive Officer Patrick de Maeseneire told Reuters. "Milk
we expect for the next months to stay at high prices. he said. "Sugar is pretty stable."

Volatility Could Improve Premiums in Cocoa Options
Thursday, November 08, 2007
by Jurgens Bauer of RJOFutures
After starting out of the gate strong on Wednesday morning (March opened outcry at 1979+25), cocoa prices pulled back to
settle unchanged on the day. I was concerned over this obvious bull (read my comments over the past week), especially when
looking at the short-term picture. I do, however, continue to hold my long view toward this market, and anticipate a favorable
push through the psychological barrier of 2000 soon. If that should happen, then 2125 would be my next upside target. Another
failure at 2000 will cause me to lighten up. A break below 1890 will chase me off the long side.
I especially favor owning options, as I expect volatility to improve premiums. I realize that the option market might not allow
ease of entry and exit of positions, with liquidity not being as accommodating as one might find in other soft markets. But you
ought to respect the locals' ability to make markets. Using spreads might help, but my attraction to owning options stems from
the limited risk proviso-that the buy side of an option contract offers the owner limited risk. Cocoa prices can move, and move
quickly. For me, that provides a unique opportunity for profit.
I'm long and will cover only on closes below 1890.

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Support: 1930-1910, 1892, 1848
Resistance: 1980-2000, 2040-2060
As you can see in the charts below, the market is losing momentum. That is a concern. Relative strength is also a bit too high
for my liking. But I find it is the slope of the lines, including moving averages, that keeps me fond of the long side at this

TradeSignals Cocoa Futures Morning Commentary -- 2007-11-09 07:01:25

Nearby Cocoa futures finished the previous session higher reversing the weaker tone seen during the prior session. Trend
indicators have moved from a bullish to a neutral price pattern.


Simple Moving Average (10-Day): The closing price finished below this moving average. However, despite prices trading
below the moving average line, the moving average is in an upward slope from the previous session. If prices trade above the
moving average then the trend will be clearly established as up. However, this weakness in the price will need to be watched.
As a result the 10-Day simple moving average has a weak bullish bias.

Simple Moving Average (25-Day): The closing price finished above this moving average. Also, the slope of the moving
average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving
average has a strong bullish bias.

Simple Moving Average (50-Day): The closing price finished above this moving average. Also, the slope of the moving
average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving
average has a strong bullish bias.

ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is
interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a
market reversal. On this market, the 14-Day ADX is falling, while the long term trend, based on a 50-Day moving average, is
up. However, the weak ADX indicates that the current trend is deteriorating and may possibly reverse. Look for choppiness

MACD: The MACD is in bullish territory. However, the recent downturn in the difference between the MACD and the MACD
signal line may indicate a short term decline over the next few days.

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RSI: The 14-Day RSI is in neutral territory. (RSI is at 57.10). This indicator issues bullish signals when the RSI line dips
below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone
(currently set at 80.00). Nevertheless with the RSI at 57.10 the market is somewhat overbought. However, this by itself isn't a
strong enough indication to signal a trade. Look for additional evidence of weakness from this indicator before getting too
bearish here.

Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the
Bollinger Bands are indicating overbought prices. Despite this overbought condition the market may become more overbought
before turning lower. As a result, the market will look for additional weakening in prices before turning bearish on this

Business & Economy
Barry Callebaut to pass on higher raw material costs through price hikes UPDATE - busimess
Forbes, NY
AFX News Limited
ZURICH (Thomson Financial) - Swiss cocoa and chocolate maker Barry Callebaut AG said it will continue to pass on higher
raw material costs through price increases if necessary, and that it expects milk powder prices to stabilise but remain at a high
level. Chief executive officer Patrick de Maeseneire said milk powder prices, which have doubled over the past year, knocked
10 mln sfr off full-year EBIT. Earlier, the company said its net profit from continuing operations rose 9.1 pct to 207 mln sfr for
the year to Aug 31, driven by stronger sales in all regions. Sales rose 10.6 pct to 4.106 bln sfr and EBIT increased 9.8 pct to
324.0 mln sfr. While milk powder prices are still high, they are not expected to rise much further, Barry Callebaut said.

Meanwhile, the lower combined ratio of cocoa -- the combined sales prices of cocoa butter and cocoa powder relative to the
cocoa bean price -- which reduces profitability for the cocoa unit, knocked 20 mln sfr off EBIT. However, this ratio is expected
to improve in the coming year. Overall, the company said the consumer business should see a price increase of between 12-15
pct in chocolate products, with some coming into effect immediately and others after January 1. Meanwhile, de Maeseneire
said the company's main growth driver will be its industrial and food manufacturing businesses, followed by the gourmet and
cocoa businesses. He also said that in the consumer business, the priority will be focused on profitability.

But it sees volume growth at the upper end of its raised guidance range for the coming two years, while EBIT and net profit
growth levels would be at the lower end. The discrepancy is due to significant investments in factories, said De Maeseneire.
However, in the following two years to 2010/2011, EBIT and net profit growth will both pick up, outpacing volume growth, he
said. EBIT and net profit growth will then be at the upper end of the range. Earlier, the company hiked its mid-term
performance targets for the 4-year period 2007/08 through 2010/11 significantly, with top-line growth doubled to 9-11 pct.
EBIT growth for the period is expected to reach 11-14 pct, while net profit is seen to increase by 13-16 pct.

Manufacturers make big sales growth for Callebaut - business
NutraIngredients.com, France
By Jess Halliday
06/11/2007 - Barry Callebaut has reported growth in full year 2006/7 that outstrips the chocolate sector at large, largely driven
by sales to food manufacturers with which it has several big new deals. The Swiss chocolate giant reported total sales of CHF
4,106.8m (c €2,467.63m) for the year. Operating profit (EBIT) was up 9.8 per cent to CHF 324m (€194.7m).

In its industrial business segment, volume sales of food manufacturers were 654,394 tonnes (up 11.5 per cent); volume sales of
cocoa to third-party customers were 142,062 (up 10.7 per cent). Sales revenue for whole segment was CHF 2,574.2m
(€1,546.6m) - a up 15 per cent. "Food manufacturers continue to be the driving force for volume gain," said Patrick De
Maeseneire, CEO, who also claimed the company "grew twice as fast as the global chocolate market". According to
Euromonitor International, the global chocolate confectionery market grew by 3.5 per cent between 2006 and 2007, and is
valued at around CHF 90bn (c €54bn).

The year was marked by big deals with two major European chocolate manufacturers, Nestle and Cadbury Schwepps, which
together are expected to increase sales volumes by around 60,000 tonnes over the next two years. Bundled in with the Nestle
deal, Barry Callebaut also acquired a chocolate factory in Dijon, France, and equipment for the production of cocoa liquor and
liquid chocolate at the Nestle chocolate factory in San Sisto, Italy.

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The impact of manufacturers and the trend towards outsourcing in chocolate is not only limited to Europe. In July it signed a
long-term supply agreement with Hershey, which also comes with production equipment - a deal said to propel it into the
number one slot as industrial chocolate supplier in the region. It is also eyeing the acquisition of a cocoa-processing factory
near Philadelphia, is building a new plant in Mexico, and is planning to increase production at other sites too - all measures
that will help it meet outsourcing demand.

The company is clearly refocusing on chocolate as its core business area; in September it agreed to sell its loss-making sugar-
candy subsidiary Brach's to Farley's and Sathers Candy Company. The deal is expected to close this month. Barry Callebaut is
also focusing on opportunities in emerging markets. Asia and the rest of the world reported increase in sales revenue of 11.6
per cent to CHF 201.6m (€121.2m). Again, rapid growth in the food manufactures business was flagged, as a result of
"intensified sales efforts". The company is also expecting great things of Russia, where an affluent new middle class is driving
growth in luxury products. In the year, it opened a new chocolate factory and it expects to triple sales volumes there in the next
three years.

Despite all the positive wheeling and dealing, there is one cloud over the silver lining that is Barry Callebaut's annual results
that cannot be ignored: raw material costs. Earlier in the year it warned that deterioration of combined (cocoa) ratio and the
cost environment would have a negative impact on operating result. In the event, operating profit took a CHF30m hit. But it
could have been worse. The business model is credited with allowing it to compensate for a major part of the higher costs. De
Maeseneire said: "Our cost environment will remain challenging amid high raw material prices, but we have responded to
these pressures by optimising our cost structure and increasing sales prices." According to the London Cocoa Terminal
Market, cocoa prices were just under GBP1,000 (c €1,434) per tonne in September 2007. The high in recent years was over
GBP1,600 (€2,296) in late 2002.

ADM profits rise on higher selling prices - busines
FoodNavigator-USA, France
By Lorraine Heller
11/6/2007 - Archer Daniels Midland (ADM) today reported strong first quarter earnings, boosted by higher selling prices for
its products, including sweeteners and starches. The agricultural and ingredients firm has posted net earnings for the quarter
ended September 30 2007 of $441m, up nine percent from last year.

According to the company's chairman and CEO Patricia Woertz, the firm benefited from its performance in sweeteners and
starches, oilseed processing and in grain merchandising and handling. This is a stark contrast to the main earnings driver last
year, which was ethanol production. This year, ADM saw a decline in ethanol sales, spurring a refocus on its food ingredients
divisions. Woertz stated: "With out unique business model, spanning diverse markets, we are capturing value from changing
market conditions." During the first quarter, ADM reported overall net sales of $12.8bn, a 36 percent increase on last year.
However, three quarters of this increase was a result of increased selling prices. Higher sales volumes, principally vegetable
oil and wheat, accounted for the remaining 25 percent increase.

In its oilseeds processing segment, the firm reported a $39m increase in operating profit to $209m. This was principally due to
strong global demand for protein meal and oil, it said. Worldwide crush volumes increased 2.4 percent to 7.2m metric tons.

Corn Processing operating profit decreased $36m to $253m from $289m last year due principally to lower ethanol sales prices
and volumes and higher net corn costs.

Sweeteners and Starches operating profit increased $45m to $164m on higher average sweetener and starch selling prices
partially offset by higher net corn costs.

The firm saw a decrease in its wheat, cocoa and malt operating profits primarily due to decreased cocoa processing results as
higher cocoa bean and carrying costs negatively impacted press margins.

In August ADM announced it would reorganize its entire business operations in order to enhance its efficiency and pave the
path for long-term success. The reorganization involved creating a single operations group, responsible for the company's
origination, merchandising, processing and marketing functions.

Nestle Expanding Production in Nigeria - business
06/11/2007 - Nestle is reportedly expanding its production at its Agbara plant, located in Ogun State, near the capital city
Lagos, in south-west Nigeria. According to local media reports the food giant has received support from the Ogun State
government for its investment in its operations. The new investment, according to press reports, is expected to further stimulate

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sustainable growth, increase market share and broaden the nutrition, health and wellness business platform of Nestle in

Market reports on Nigeria‟s food processing industry explain that Nestle has been present in the country since 1961. The firm
has been running the Agbara factory in Ogun State since 1981. Nestle is a leading player in the local cocoa market. The firm
also controls the lion‟s share of the local coffee-based products market with „Nescafe‟. The Nestle brand in Nigeria includes
baby food, beverages (such as Milo) and confectionery. Last month, FLEXNEWS reported that the spread of black pod disease
has severely affected cocoa trees in the south-west of the country. There is now a shortage of cocoa beans in the region.

Ivory Coast Cocoa Co-Ops Eye Shipping 50% of Crop by 2010 (DJ) - business
Source: Dow Jones Newswires
Abidjan, Nov. 8 - Ivory Coast's cocoa farmers' cooperatives aim to ship half of the world's biggest annual cocoa crop by the
start of the 2010-2011 season, the president of the UCOOPEX-CI union of exporting cooperatives said Thursday. "Already this
season I expect our share in total exports to double from 9% to between 15 and 20%," Fulgence N'guessan told Dow Jones
Newswires. "The more we export, the easier it will become to get funding from the banks," he said.

Official data obtained by Dow Jones Newswires show cooperatives with an exporting license, known as Coopex, shipped
almost 44,000 metric tons, or 3.5% of the 1.246 million tons exported in 2005-06 (Oct-Sept). N'guessan said the Coopex
shipped 9% in 2006-07, when 1.204 million tons left the ports. He said the introduction of a system of cocoa trade through
upcountry cocoa warehouses, expected by the start of the 2008-09 season, will boost the market share of cooperatives.

Cocoa purchased at the farms is to be stockpiled at these warehouses, called Magasins Generaux, and sold to the highest
bidding exporter through the semi-official BCC Coffee and Cocoa Bourse in Abidjan. "We are not going to oblige anyone to
buy or sell through the Magasins Generaux but many field trips have been carried out to inform farmers about the advantages
of the system," N'guessan said. He said exporters who want to buy good quality cocoa would automatically turn to the
Magasins Generaux, as cocoa sold from there will be submitted to stringent quality control. Good quality cocoa is increasingly
rare as purchasing agents competing with each other at the farmgates push farmers to cut short post-harvest fermentation and
drying. Farmers are also offered little or no incentives to produce good quality.

M’sia cocoa export to hit RM2.4b in 2007, RM2.6b in 2008 - business
The Edge Daily, Malaysia
by Woon Wu Lin
KUALA LUMPUR: The country‟s export of cocoa products is expected to grow steadily to RM2.4 billion in 2007 and RM2.6
billion next year, from RM2.08 billion in 2006, said Malaysian Cocoa Board (MCB) director general Datuk Azhar Ismail.
Speaking to reporters at the second season launch of the “Inspirasi Koko” cook show on Wednesday, Azhar Ismail said export
revenue for cocoa products from January to August 2007 stood at RM1.63 billion and would continue to climb on the back of
rising demand as shown by the trend of the past five years. “We will (also) be targeting emerging markets such as India and
China, at the same time sustaining traditional markets such as America and Europe,” he added.

In 2006, total export of cocoa butter was 95,344 tonnes valued at RM1.3 billion, followed by 95,996 tonnes of cocoa powder
valued at RM325.7 million and 27,787 tonnes of chocolate valued at RM211.3 million. He said the MCB had invited about 25
participants from each prospective importer countries to promote awareness of Malaysian cocoa products processing. MCB
this year had invited participants from China, India, Sri Lanka and Bangladesh.

MCB would also promote cocoa products independently and via trade missions with Malaysia External Trade Development
Corporation (Matrade), Azhar Ismail said. He said MCB planned to achieve the RM2.4 billion goal by increasing the number
of cocoa-based products. New products to be launched next year include beverages, foodstuffs and cosmetics.

Another method was encouraging increased production capacity of the 11 grinders in Malaysia and work on improving the
quality of cocoa products by using biotechnology to produce hybrid trees with optimum yield, he said. He added that the cocoa
industry was Malaysia‟s third largest agricultural export with cocoa butter drawing in the most revenue and exported to 50

Processing & Manufacturing
Ghana to Boost Cocoa Processing by 100,000 Tons -process
Source: Reuters

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Accra, Nov 8 - Ghana will boost cocoa processing capacity by 100,000 tonnes a year to at least 350,000 tonnes by the end of
2008, the head of industry regulator Cocobod said on Thursday. Cocobod Chief Executive Isaac Osei said new investments by
U.S.-based agribusiness giant Cargill and Archer Daniels Midland (ADM) would help Ghana process more of its rising cocoa
output locally. "We are getting closer to realising our twin vision of producing more cocoa and processing more than 40
percent of it," Osei told Reuters. "By the end of 2008 we should have an installed capacity for 350,000 tonnes." Cocobod
officials previously suggested grinding capacity would rise to about 300,000 tonnes in 2008.

Ghana processes up to 250,000 tonnes from a cocoa crop which has averaged 670,000 tonnes over the past four years. Osei
said the new plants would increase employment in the sector and help boost Ghana's international trade. Cargill is building a
$70 million plant at a tax haven in the eastern port of Tema, with initial capacity to process 65,000 tonnes of cocoa annually
into liquor, butter and powder. It has the potential to rise to 120,000 tonnes. ADM has signed a five-year supply agreement
with Cocobod for its plant, being built in Ghana's second-largest city of Kumasi. Cocobod officials said ADM initially
requested 30,000 tonnes a year in supplies. Both factories are expected to be fully operational in 2008. "We are on target and
will be running next year," Jack Sinclair, ADM general manager in Ghana, told Reuters.


Ghana is the second-largest supplier of cocoa to the United States, which in 2005 imported $1.4 billion of cocoa products. Osei
said Cocobod aimed to maximise Ghana's returns by diversifying its export markets and investing more abroad. "We have to
look for opportunities for investment elsewhere and have a stake in what goes on in the world at large."

Cuba, Turkey, China and Kyrgyzstan have shown interest in commercial ties, especially investment in the tertiary sector where
cocoa is converted into powder and chocolate products. Cuba, which produces about 200,000 tonnes of high quality beans, has
requested to import about 25,000 tonnes. A Cocobod source said Ghana would consider the request. Cocobod, the sole
purchaser of cocoa beans in Ghana, expects a 2007-08 harvest of at least 650,000 tonnes. It has outlined plans to raise output to
1 million tonnes by 2010 by improving fertilization and disease control.

Since 2003, Ghana has seen increased interest in processing, sparked by policy initiatives, improving economic conditions, and
civil war in neighbouring Ivory Coast, the world's No. 1 producer. Privatised Cocoa Processing Company, which grinds 30,000
tonnes of cocoa, is set to raise throughput to 65,000 tonnes next year. Afrotropic Cocoa processor, which started with 15,000
tonnes, says its capacity would increase to 45,000 tonnes by October 2008. CALF Cocoa, a 10,000-tonne Chinese-Ghanaian
plant completed more than five years ago, has yet to start production due to lack of funds to purchase beans, directors told

Bainimarama visits cocoa farmers - prod
Fiji Times, Fiji
November 09, 2007
Update: 9.30am In a show of support for the Cocoa Industry, the interim Prime Minister Voreqe Bainimarama and his team of
interim ministers visited Namau Cocoa Farm in Naloto, Tailevu to meet the farmers and landowners. Accompanied by the
interim Minister for Public Service, Poseci Bune, interim minister for Public Utilities, Jone Navakamocea and Fiji Ambassador
designate to People's Republic of China, Sir James Ah Koy. Commodore Bainimarama commended the cocoa farmers and
told them that the interim Government would support their initiative.

Located about 20 kilometres from Korovou Town, Namau Village is known for its recent production of chocolate. The success
story of Namau cocoa farm is the involvement of the families, youths, men and women throughout the process from growing
cocoa plants, harvesting to the production of chocolate. Mr Bune told the farmers that if the project became a success it could
really be a gold mine for the farmers. Mr Ah Koy said that he would also request the Chinese government to assist the
settlement once he takes up his new posting.

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Chocolate? It’s hot - business
Newsday, NY -
BY BECKY AIKMAN | becky.aikman@newsday.com
Nov 5, 2007

Chocolates (Newsday Photo / Ana P. Gutierrez /
October 5, 2007)

At the cash register in the supermarket. Just beyond the panty hose at T.J. Maxx or the double-A batteries at Staples. Even next
to the lint brushes and plastic hangers at Bed Bath & Beyond. It's premium chocolate, once a rare indulgence, now a
mainstream treat all across Long Island. High-end chocolate bars, available a few years ago only in specialty food stores, now
tempt customers in the checkout lines of supermarkets, discount stores and shops that have nothing to do with food.

Mass-market chocolate makers are feeding the trend. Hershey Co., Cadbury Schweppes and other makers of traditional candy
have started competing with French and Swiss manufacturers in the deluxe market, buying up small, artisanal chocolate brands
or starting their own deluxe lines. "Years ago when I traveled to Europe, chocolate is what I brought back," said Helga Singer,
67, of Smithtown, who often visited her native Germany. "I would bring one suitcase just for chocolate." Now she buys extra-
dark premium Lindt bars at Uncle Giuseppe's Marketplace, her local supermarket. She could just as easily find them at
Waldbaum's or Stop & Shop.

Not your father's chocolate

Connoisseurs of premium chocolate can choose from a broad array of bars with labels that trumpet the percentage of cacao,
which is derived directly from cocoa beans, or the country of origin - even, in some cases, noting a specific estate of origin.
Consumers can approach chocolate the way they do wine, coffee, cheese or olive oil. It's possible to say, "I prefer single-
origin, 70-percent-cacao Venezuelan with top notes of cherry and grass and a lingering flavor of pineapple."

In other words, we've come a long way from the humble Hershey bar (30 percent cacao, by the way, although it doesn't say so
on the label). "There is a real taste difference in them all, and it really is amazing how you can start to develop a nose for
chocolate," said Marcia Mogelonsky, senior analyst for Mintel International Group, Ltd., a market researcher in Chicago.

Industry figures show sales of chocolate overall growing only 1 to 3 percentage points a year for the past 20 years. But Mintel's
research shows sales of premium chocolate increasing 129 percent from 2001 to 2006, when it reached $2.05 billion, about 13
percent of the total chocolate market. There's no industry standard for what makes chocolate premium, but generally it contains
high-quality natural ingredients - cocoa and cocoa butter, which are both forms of cacao, along with sugar, vanilla and not
much more. Mintel says that premium chocolate generally sells for $8 a pound or more, twice the cost of everyday chocolate,
which may include a long list of artificial flavors.

Exclusivity is part of the appeal. "If there is one over-arching consumer trend today across every product category, it would be
trading up," said Joan Steuer, president of Chocolate Marketing in Los Angeles. "Everyone wants the best that they can afford.
Chocolate falls right into that. It's a small indulgence, and yet it holds a lot of power to make us feel good."

And it's good for you
Chocolate is wildly popular to begin with - Mintel says only 15 percent of consumers never eat a chocolate bar. Now its feel-
good reputation is even stronger, thanks to medical studies suggesting that chocolate, especially dark chocolate, contains
flavanols and antioxidants that may lower blood pressure and help reduce rates of heart attacks, cancer and diabetes. Assuming
the extra calories don't get people first.

Now that 42 percent of those who eat chocolate buy some premium products, another fact in the Mintel survey, traditional U.S.
candy companies are happy to oblige them. Hershey is hardly abandoning its popular milk chocolate Kisses, but in the last two

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years it has bought the top-of-the-line California chocolatiers Scharffen Berger and Joseph Schmidt Confections, as well as the
Oregon brand Dagoba Organic Chocolate. Their labels don't mention the Hershey connection, but the company, which already
commands plenty of shelf space in supermarkets, has introduced its premium brands there.
The company also launched a line of its own called Cacao Reserve. The attractive brown cardboard packaging specifies the
cacao percentages and places of origin, including Java, Ecuador and several countries in Africa. In July, Hershey agreed to
develop a premium line for Starbucks, too. Meanwhile, Lindt & Sprüngli, a Swiss company with a strong U.S. presence, now
owns California's Ghirardelli Chocolate, giving it prominent supermarket placement. Nestlé launched a high-end Chocolatier
line of baking chocolate, in part to compete with Ghirardelli's popular premium chocolate chips. And Cadbury Schweppes now
owns the organic label Green & Black.

Store brands go upscale, too

Retailers ranging from Trader Joe's to Target tout their own premium brands, and other stores keep giving more space to the
rest. Waldbaum's supermarkets entered the premium chocolate category two years ago with such brands as Lindt and
Ghirardelli, and shelf space in the stores is already too small. Last year sales grew more than 50 percent.

The American consumer is enjoying a new experience," said spokeswoman Patti Councill. "The taste is totally different from
what everyone is used to." Whole Foods Market has expanded the shelf space devoted to chocolate four to five times in four
years. The Jericho store is expanding and adding new products. Shimme, who goes by one name and is Whole Foods regional
coordinator for chocolate, tries to provide customers with unusual experiences, like the 70 percent cacao Sumatran bar that's
his favorite.

"People look at it like a specialty item, like coffee," he said.

At Dan's Key Food, a supermarket in Kings Park, sales increased 20 percent last year, estimated Robert Glaudino, the assistant
manager. "People are willing to spend money for high-end chocolate now," he said. He and his friends have started
entertaining with chocolate tastings at home, pairing them with red wines.

Fred Paul, the general manager of Uncle Giuseppe's in Smithtown, said he sells a lot of premium chocolate to people who
entertain. "They want to be cutting-edge," he said. "They want to show their friends that they're serving them fine foods and
fine wines and fine chocolates. It's always about change and about being a little bit different."

His store has taken the trend one step further with the Choctal line of ice creams in a variety of chocolate flavors by country of
origin. The Borneo pint promises a touch of caramel at the end of a long, lingering finish. One from Santo Domingo claims to
have "undertones of mocha, licorice and wood and a light, lingering flavor note of nutmeg and cloves."

One of the clearest signs of premium chocolate's popularity is its appearance in such unexpected stores as the housewares chain
Bed Bath & Beyond. "Why not?" said spokeswoman Catherine Gentile. "Everyone loves chocolate." Even Pet-Smart stores
looked into adding deluxe chocolate to their merchandise mix, said spokesman Jim Kriznauki, but they feared some customers
might feed it to their dogs.

Forty-two percent of people who eat chocolate buy some premium products, according to researcher Mintel International


Year               Sales in millions                      Percentage change

2001                $896
2002               1,222                                            36.4%
2003               1,400                                            14.6
2004               1,560                                            11.4
2005               1,790                                            14.7
2006               2,050                                            14.5


Of those who bought in the previous three months, more than 80 percent admitted they treated themselves.
82% Themselves

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42% Spouse or partner
33% Another family member
20% Children
(Source: Business Recorder – www.brecorder.com)

Ivory Coast cocoa arrivals rise
ABIDJAN (November 13, 2007): cocoa arrivals at ports in Ivory Coast reached around 292,000 tonnes between October 1 and
November 11, well above the 166,871 tonnes delivered in the same period last year, exporters estimated on Monday.

US MIDDAY: cocoa falls, coffee rises
NEW YORK (November 10, 2007): US cocoa slipped in early trade Friday as sterling fell against the dollar, while arabica
coffee futures inched higher in options-related action, dealers said. "You're having a little bit of manufacturer buying," one
cocoa trader said, noting this was preventing deeper losses.

Ghana to boost cocoa processing
ACCRA (November 10, 2007): Ghana will boost cocoa processing capacity by 100,000 tonnes a year to at least 350,000
tonnes by the end of 2008, the head of industry regulator Cocobod said on Thursday. Cocobod Chief Executive Isaac Osei said
new investments by US-based agribusiness giant Cargill and Archer Daniels Midland (ADM) would help Ghana process more
of its rising cocoa output locally.

New York cocoa higher on spreads
NEW YORK (November 10, 2007): US cocoa closed firmer in sideways trade Thursday as heavy December/March spreading
continued and a stronger sterling spurred buying interest, dealers said.

US MIDDAY: cocoa and coffee up
NEW YORK (November 09, 2007): US cocoa rose in early trade on Thursday on heavy position-rolling out of the December
contract into March, while arabica coffee futures moved into positive territory on options-related dealings, traders said.

New York cocoa ends steady to weaker
NEW YORK (November 09, 2007): US cocoa finished flat to weaker on Wednesday, as heavy position-rolling out of
December into March accounted for the bulk of the volume and lower prices in London weighed late in the session, dealers
said. First notice day for the December contract is November 15.

London coffee and cocoa down; sugar up
LONDON (November 08, 2007): London robusta coffee futures finished mostly lower on Wednesday on origin, trade and
speculative selling as the market's recent strong advance finally stalled, dealers said.

US MIDDAY: cocoa and coffee up
NEW YORK (November 08, 2007): US cocoa made gains in early trade on Wednesday on the back of the soaring pound,
while arabica coffee futures continued to find buying support, traders said. "We're up on the pound and the CRB Index is very
strong," one trader said.

New York cocoa posts gains
NEW YORK (November 08, 2007): US cocoa closed up a shade on Tuesday on heavy position-rolling out of the December
contract into March ahead of the spot month's first notice day November 15, dealers said. "It's very quiet. It was mostly switch
activity. This week we're rolling out of December in earnest," one cocoa trader said.

London coffee, sugar and cocoa higher
LONDON (November 07, 2007): London robusta coffee futures soared to fresh contract highs on a supply squeeze on
Tuesday, dealers said. White sugar futures were mostly higher, boosted by a strong advance in crude oil and a weak dollar,
while cocoa finished marginally firmer.

US MIDDAY: coffee firms, cocoa mixed
NEW YORK (November 07, 2007): Arabica coffee futures continued upward in early trade on Tuesday on spillover support
from London's firm robusta market, while US cocoa was mixed, traders said. Both commodities were lightly traded, they said.

New York cocoa settles lower

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NEW YORK (November 07, 2007): US cocoa finished weak on Monday, after late-day origin selling entered the market and
position rolling out of December into March picked up, dealers said. "There was late-session liquidation as the roll is starting
to really come," one cocoa trader said.

Black pod cocoa fears grow
ABIDJAN (November 07, 2007): Rains continued to fall in Ivory Coast's main cocoa zones in the last week, farmers said,
making it harder to prevent the spread of black pod disease and to dry newly harvested beans properly.

London cocoa and sugar fall
LONDON (November 06, 2007): London cocoa futures fell to a one-week low on Monday, depressed by a pick-up in producer
selling as harvesting of main crop cocoa in top grower Ivory Coast gathered pace, dealers said.

Ivory Coast cocoa arrivals up
ABIDJAN (November 06, 2007): cocoa arrivals at ports in Ivory Coast reached around 227,000 tonnes between October 1 and
November 4, compared to 102,536 tonnes in the same period a year earlier, exporters estimated on Monday. The exporters
estimated 54,000 tonnes of beans had arrived at ports in the week of October 29 to November 4, up from 31,328 tonnes in the
same week a year earlier.

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                                              IN GHANA

The Secretary General sends his compliments and has the honour to confirm the willingness of
the National Organizing Committee and the Government of the Republic of Ghana to create a
COPAL Village during the upcoming Cup of Nations football tournament.

The Secretary General believes this offers an excellent opportunity to promote our respective
origins and cocoa products during this month-long tournament.

Interested countries should contact the Secretariat as soon as possible with the specific
requirements for space and other amenities.

Hope Sona Ebai,

Secretary General

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