US cocoa futures fell on Wednesday on liquidating long positions after a quiet session of light volume, dealers said. "We're just seeing some light long liquidation after yesterday's move higher. Overall, volume's just light," one trader said.
In open-outcry, ICE March cocoa futures dropped $15 to end at $1,951 per tonne. The rest finished from $13 to $21 weaker. Resistance held at $1,975 to $1,980, traders said. In electronic trade, the March contract was down $20 at $1,946, at 12:17 pm EST (1717 GMT), trading between $1,943 to $1,975.
Aside from one contract, the rest were $18 to $24 lower. The cocoa market will be closed on Thursday and Friday for the US Thanksgiving holiday. Trading resumes on Monday. London's Liffe March contract ended down 7 pounds at 960 pounds per tonne, moving in a band of 959 to 981 pounds.
In Africa, Cameroon's cocoa bean exports totalled 31,571 tonnes from August 1 to October 31, data from the Cocoa and Coffee Interprofessional Board (CCIB) showed on Wednesday, down from 52,358 tonnes in the same period last year.
Meanwhile, Brazilian 2007/08 (May/April) cocoa arrivals from Bahia and other states totalled 2.21 million 60-kg bags by November 18, down around 8.5 percent from 2.42 million bags a year ago, Bahia Commercial Association said on Wednesday. ICE estimated around noon that 378 contracts had traded in the pit, compared to 699 lots that traded on the floor on Tuesday when 11,437 contracts traded on the screen.
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