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.