London cocoa down on fund selling

London cocoa futures closed lower on Friday on fund selling, capping a week in which the market sank to a new contract low of 770 pounds a tonne, traders said.
Benchmark July ended down four pounds at 770 pounds per tonne on 4,164 lots out of total turnover of 13,364 lots.
Second month September closed six pounds lower at 782 on 3,816 lots.
On Wednesday cocoa futures tested key support at 790 pounds per tonne, falling more than four percent at one stage when funds triggered sell stops.
"The market is still digesting what happened on Wednesday when we had that big sell off. It's just run out of ammo at the moment," the trader said.