German industry buys cocoa beans

German industry bought cocoa beans as London prices dipped this week, while butter ratios held at recent highs, traders said on Friday. German industry actively bought bean after London's LIFFE futures dropped by as much as three percent on Wednesday but withdrew quickly when prices rallied. "When London is around or below 840 pounds there is industry interest in beans, but purchasing fades above this," one trader said.
German cocoa bean differentials fell by between five and 10 pounds in the past week, partly because of a lack of buying interest at higher London levels. Butter ratios stayed at recent highs, with origin suppliers often refusing to deal in butter unless buyers also bought cocoa cake, which was currently in heavy surplus and hard to sell.