Cocoa Traders Halt Ivorian Purchases as They Seek Lower Prices

Cocoa traders in top grower Ivory Coast are holding off buying beans that will be harvested from the upcoming mid-crop, as they seek lower prices following a market rout, according to people familiar with the matter.

Some major firms are putting off making forward purchases of the smaller of two annual harvests that starts in April until the industry regulator cuts prices, said the people, who asked not to be identified as the details are private. The regulator is trying to sell cocoa at prices ranging from about $250 to as much as $475 a ton above the level of international futures, some of the people said.