New York cocoa futures closed near session lows on Wednesday, touching a 7-1/2 week low, as speculative selling pressured prices into sell-stop orders with some light local buying at the lows, floor sources said. "Specs were sellers all day, running prices through sell stops below $1,550 a tonne," said one.
The New York Board of Trade's front-month March cocoa contract sank $22 to end at $1,539 a tonne, its weakest level since November 4. Trade ranged from $1,535 to $1,574. May cocoa finished $19 down at $1,545, while back months lost $14 to $19.
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