Barry Callebaut Expects Stable Cocoa Prices
07/05/2012| 04:00am US/Eastern
Swiss chocolate manufacturer Barry Callebaut AG (>> Barry Callebaut AG) Thursday said it expected cocoa prices to remain stable at current levels.
The company is one of the world's largest buyers of cocoa, which it turns into chocolate for customers such as Nestle SA (NESN.VX) and Kraft Foods Inc (>> Kraft Foods Inc).
Chief Executive Juergen Steinemann said cocoa prices have been relatively stable in the last few weeks in the 1400 British pounds ($2190.15) to GBP1600 per tonne range.
"I expect prices to move more sideways than anything else," he told Dow Jones Newswires.
He declined to give an outlook on this year's cocoa harvest, which is due to start at the end of September and the start of October.
"There will be more visibility as of October, but prices could stay around the same level if there's no big surprises in the crop," Mr. Steinemann said.
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