NYBOT front cocoa futures tumbled more than five percent in active trading Friday as funds unloaded long positions on favourable weather forecasts for Ivory Coast's mainstay crop, traders and analysts said.
Benchmark September cocoa settled down $93, or 5.46 percent lower, at $1,610, after earlier breaking through key support at $1,600. Trading on the day ranged from a high $1,648 to $1,595, the lowest since July 30, one trader said.
December cocoa ended down $90 at $1,632, after trading from $1,620 to $1,668. The rest of the board ended $89 to $90 lower.
"There was heavy spec liquidation today and also a lot of options trading," one trader said, pointing out that the September option expired in New York Friday.
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