US cocoa futures prices eased just over 1 percent Friday, depressed by speculators squaring positions and taking profits ahead of the weekend and a new quarter, traders said.
The New York Board of Trade's active cocoa contract for December delivery fell $20 to settle at $1,414 a tonne, after trading from $1,408 to a new two-week peak of $1,444. March cocoa shed $19 to end at $1,450, while longer-dated contracts concluded down $18 to $19.
"It was just some people taking a little profits today - that's all," said a trader, pointing out futures trading volume at an estimated 9,614 contracts. That compared with Thursday's official tally of 13,830 contracts.
Cocoa futures began the session in negative territory before getting a lift by light trade and speculative buying. However, the prospect of a new main crop marketing campaign starting in top cocoa producer Ivory Coast weighed on prices.
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