Prices or ratios for spot delivery widened to 2.70 times London futures from 2.49 last week, aided by purchases from Europe. Ratio is an indicator of demand for butter, which is a key ingredient for chocolate.
"We sold butter recently at 2.65 for spot month. We can even sell it at 2.70 because there's a lot of demand for the fourth quarter. People also take delivery for New Year's production," said one regional grinder.