CSCE cocoa futures finished a dull session mostly lower Tuesday as traders found that buying linked to a weak US dollar could not generate a sustained rally and prices retreated, brokers said.
"Cocoa still seems to have a downward bias as arbitrage buying from the weaker dollar was unable to overcome some further fund and speculative selling," said one softs analyst.
The benchmark May cocoa future fell $2 to close down at $1,542 a tonne. It traded in a range between $1,516 to $1,574 during the session.
Chartists pegged support for May at $1,500 then $1,468, while resistance was seen at $1,590 a tonne.
The spot March cocoa future went against the day's trend and settled $3 higher at $1,539 a tonne while the back or distant contracts ended $4 to $6 a tonne lower.
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