COCOA ORIGINS DISMAYED BY BUFFER STOCK ACTION Traders recently returned from West Africa say some producers there are dismayed by the ineffective action so far by the International Cocoa Organization (ICCO) buffer stock manager on buffer stock purchases. One trader said some West African producers are annoyed the Buffer Stock manager is not playing his part as required by the International Cocoa Pact to stabilise prices from current lows. So far, only 21,000 tonnes of second hand cocoa have been taken up for buffer stock purposes and this, traders noted, only on an intermittent basis. They noted the purchases, of 8,000 tonnes in the first week he bought and 13,000 in the second, are well short of the limitations of no more than 5,000 tonnes in one day and 20,000 in one week which the cocoa agreement places on him. The traders recently returned from West Africa say producers there are unhappy about the impact on cocoa prices so far, noting producing countries are part of the international cocoa pact and deserve the same treatment as consumers. London traders say terminal market prices would have to gain around 300 stg a tonne to take the ICCO 10-day average indicator to its 1,935 sdr per tonne midway point (or reference price). However, little progress has been made in that direction, and the 10-day average is still well below the 1,600 sdr lower intervention level at 1,562.87 from 1,569.46 previously. The buffer stock manager may announce today he will be making purchases tomorrow, although under the rules of the agreement such action is not automatic, traders said. Complaints about the inaction of the buffer stock manager are not confined to West African producers, they observed. A Reuter report from Rotterdam quoted industry sources there saying Dutch cocoa processors also are unhappy with the intermittent buffer stock buying activities. In London, traders expressed surprise that no more than 21,000 tonnes cocoa has been bought so far against total potential purchases under the new agreement of 150,000 tonnes. Carryover holdings from the previous International Cocoa Agreement in the stock total 100,000 tonnes. Terminal prices today rose by up to 10 stg a tonne from Friday's close, basis July at its high of 1,271. It seems that when the buffer stock manager is absent from the market, prices go up, while when he declares his intention to buy, quite often the reverse applies, traders said.