COCOA DELEGATES OPTIMISTIC ON BUFFER STOCK RULES
  Hopes mounted for an agreement on cocoa
  buffer stock rules at an International Cocoa Organization,
  ICCO, council meeting which opened here today, delegates said.
      Both producer and consumer ICCO members said after the
  opening session that prospects for an agreement on the cocoa
  market support mechanism were improving.
      "The chances are very good as of now of getting buffer stock
  rules by the end of next week," Ghanaian delegate and producer
  spokesman Mama Mohammed told journalists.
      Consumer spokesman Peter Baron called the tone of the
  negotiations "optimistic and realistic."
      The ICCO council failed to agree on buffer stock rules when
  a new International Cocoa Agreement came into force in January,
  with deep differences of opinion precluding serious discussions
  on the matter at that time. The existing buffer stock of about
  100,000 tonnes of cocoa was frozen, with a funds balance of 250
  mln dlrs.
      The ICCO made buffer stock rules negotiations a priority at
  this semi-annual council meeting in order to stop the slide in
  world cocoa prices.
      Consumers and producers agreed yesterday on the principles
  as a basis for negotiations.
      The council broke for lunch, and reconvenes at 1500 hrs. A
  working group which has been meeting since Monday will tackle
  the buffer stock rules issue again at 1600 hrs, when ICCO
  executive director Kobena Erbynn presents a fleshed-out version
  of a draft proposal he prepared earlier this week, delegates
  said.
      Mohammed said delegates will have a much clearer indication
  of prospects for an accord after details of the rules are
  elaborated by Erbynn, and after producers and consumers meet
  separately later today to examine the scheme.
      The draft proposal included three principles: a limit to
  non- member cocoa comprising the buffer stock, an offer system
  for buying buffer stock cocoa, and price differentials to be
  paid for various cocoas making up the buffer stock, delegates
  said.
      During the morning council session, the Ivory Coast
  delegation gave "an open minded statement" that it is willing to
  work out a buffer stock rules solution which could come into
  effect as soon as possible, Baron said.
      Ivorian Agriculture Minister Denis Bra Kanon, chairman of
  the ICCO council, was now expected to arrive in London Monday
  to attend the talks, Baron said. Vice chairman Sir Denis Henry
  of Grenada chaired the meeting in his place.
      Soviet and East German delegates did not attend the council
  session because of a conflicting International Sugar
  Organization meeting today, but could arrive this afternoon,
  delegates said.
  

