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CSCE cocoa futures in New York settled lower Thursday on continued fund rolling ahead of first notice day as well as outright speculative selling which pressured prices throughout the day, dealers said.
"There was some significant May selling at the open of about 500 to 700 lots by one broker," said a floor dealer, adding that early liquidation placed pressure on the market all day.
Benchmark July cocoa ended down $13 at $1,376 a tonne, near the bottom of its $1,372-$1,386 tonne range.
May cocoa lost $14 to settle at $1,366 a tonne, while back months fell $14 to $15.

Copyright Reuters, 2004

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