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New York cocoa futures drifted lower on Friday amid thin volume, as investors traded on technicals and sat ready for developments in Washington's proposed financial bailout plan, dealers said. Benchmark December cocoa contract rose $3 to finish at $2,743 per tonne after dealing between $2,710 and $2,772.
In after-hours trade at 1:24 pm EDT (1724 GMT), December futures were off $3 at $2,737. ICE cocoa futures trade until 3:15 pm EDT. December volume was put at 3,728 lots at the same time. Benchmark December held within Thursday's trading range, with a failure to sustain an early rise resulting in some end-of-week profit-taking - traders.
"The high made yesterday ($2,794) was right up at some previous highs at around $2,785 all the way up to $2,800, so we're running into some pretty major resistance up there." - trader. Trading remained thin as many participants took to the sidelines, awaiting any new developments regarding the US government's financial rescue plan - traders.
Market likely to remain range-bound until it can get a feel for what the new crop in Ivory Coast will be like - trader. Ivory Coast's new cocoa season, which begins on October 1, will start slowly as heavy rain brings disease, farmers in the center-west cocoa belt said on Friday.
Scattered showers and thunderstorms expected in West Africa's cocoa belt through Sunday, with temperatures rather warm - DTN Meteorlogix. "Periodic scattered thunderstorm activity through key cocoa areas of Ghana and Ivory Coast will maintain soil moisture for cocoa trees and development of the main crop. However, it may also promote pod rot in some sections." - DTN Meteorlogix. A total of 7,063 lots traded Thursday, compared with the 9,005 lots recorded on Wednesday - ICE. Open interest declined by 1,081 lots to 122,102 lots as of September 25 - ICE data.

Copyright Reuters, 2008

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