CSCE cocoa ended slightly lower Thursday after a recovery from the previous session's sell-off fizzled while the market remained uneasy about oversupply.
Benchmark July ended off $1 at $1,361 a tonne after trading $1,388 to $1,358 which held inside the range from Wednesday when the contract fell to a 12-day low of $1,352.
Trade and light fund selling has capped the market, preventing a retest of the April 30 high at $1,430, according to analysts.
Spot May gained $3 to $1,357 and the back months settled down $3 to up $2. Analyst Boyd Cruel of Alaron Trading in Chicago said May, June and July tend to be quiet months for trading cocoa.
Estimated futures volume was a light 5,387 lots, down from Wednesday's official count of 8,504 contracts. In the options ring, there were 422 calls and 381 puts.
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