US cocoa futures ended down but off their lows on Wednesday as the market extended a sell-off from the previous session, which was tempered with trade buying before the close.
Dealers said the benchmark cocoa contract on the New York Board of Trade was likely to stay in a range of $1,415-$1,460 a tonne in the near term, with pressure on the downside, as few factors pointed to a rally. NYBOT cocoa for December ended down $1 at $1,448 a tonne - way off the session low of $1,435, but not close either to the day's peak of $1,463.
March, the nearest forward contract, also closed $1 down at $1,483. The rest of the NYBOT cocoa complex ended $2-$3 off. Final trade volume was estimated at only 8,761 lots, compared with Tuesday's official count of 6,617 lots.
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