New York cocoa futures settled near their session lows on Thursday, with the front-month March contract hitting a 7-week low as funds liquidated their long positions ahead of the long holiday weekend, brokers said. The New York cocoa market will be shut Friday for the Christmas holiday, which lands on Saturday this year. Business will resume on Monday, December 27.
The New York Board of Trade's front-month March cocoa contract slipped $35, or 2.2 percent to finish the day at $1,552 a tonne, after trading from a 7-week low at $1,550 to and $1,588. May cocoa lost $34 to $1,556, while back-month contracts fell $29 to $32.
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