SINGAPORE, Aug 24: Depressed world prices and a stronger Indonesian rupiah are keeping the cocoa market slow in Southeast Asia, traders said on Monday. As the harvest seasons in Indonesia and Malaysia move toward the end, traders said they expected the market to stay lukewarm.Grinders have seen profits fall after demand for products declined during Asia's economic crisis.
A stronger Indonesian rupiah has caused falls in domestic prices and traders there held back stocks hoping prices could improve, traders said.
Under normal weather conditions, the May-September period is a low crop season in Malaysia, but the harvests have been delayed from May-June this year by drought.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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