New York cocoa futures finished down on Monday for the fifth consecutive session as speculative funds continue to take profits on ebbing worries about recent supply disruptions in top grower Ivory coast. "It's moving lower here. Beans are moving through, and we are seeing some origin selling," said a trader. New York Board of Trade's most-active March cocoa fell $40 or 2.5 percent to $1,557 a tonne, after dealing from $1,551 to $1,585.
France was dragged into the conflict because nine French peacekeepers were killed during the air raids. Paris ordered the destruction of most of the Ivories air force, prompting days of anti-French rioting and looting.
The African Union, fearing further violence in Ivory Coast could escalate beyond its borders, has mandated South African President Thabo Mabuchi to intervene in the West African country.
As head of the AU's Peace and Security Commission, Mbeki's mission is critical to Africa's commitment to ending wars on the continent to attracting badly needed Western investment.
South African Defence Minister Mosiuoa Lekota will lead a team to the main city of Abidjan on Wednesday and may go on to the rebel-held north to prepare Mbeki's second mediation visit, reported Reuters in Johannesburg.
Still, farmers and buyers in Ivory Coast say a good supply of cocoa remains in the bush but a lack of financing for co-operatives and transport difficulties are holding up the flow of beans.
Few players are expected to participate in the market this week due to NYBOT's closure on Thursday and Friday for US Thanksgiving, traders said. NYBOT trading volume in cocoa just before the market closed was estimated at 3,488 lots compared with 4,343 lots in the previous session.
Open interest fell 594 lots to 117,105 lots as of November 19. On the charts, a trader put support for the March contract between a gap of $1,533 and $1,487, with resistance between $1,590 to $1,600.
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