ICCO BUFFER TO BUY 3,000 TONNES COCOA JUNE 3
  The buffer stock manager of the
  International Cocoa Organization (ICCO) will tender for about
  3,000 tonnes of cocoa beans Wednesday, June 3, the ICCO said in
  a statement.
      It said all other conditions remain unchanged from the
  previous announcement.
      These conditions are that offers from registered companies
  should be in pounds sterling for cocoa beans for which standard
  differentials have been set in the ICCO's buffer stock rules,
  and can be for cocoa afloat through to December shipment and
  spot to December arrival/delivery.
      The basis position will be afloat, May/July shipment or
  June arrival/delivery. For later positions the appropriate
  carrying costs will be taken into account.
      The deadline for the receipt of offers by the manager shall
  be 1330 hrs london time (1230 gmt) in the case of offers
  emanating from the secondhand market and 1400 hours in the case
  of offers emanating from the origins.
      The competitiveness of offers will be assessed by taking
  into account the standard differentials, the cost of taking
  cocoa into store (currently 23.00 pounds sterling from "cif
  landed" and 38.00 pounds sterling from "cif shipping weights"
  to "in store") and the cost of carry which currently is 12.00
  pounds sterling per month, the ICCO said.
      No more than four offers will be considered from each
  offering party, it added.
  

