New York cocoa futures edged up Tuesday as trade buying helped prices recover from three consecutive days of losses. New York Board of Trade's benchmark March cocoa contract firmed $2 to settle at $1,468 a tonne after trading from $1,464 to $1,482. May gained $3 to $1,475 while more distant deliveries advanced $2 to $4.
Yet March is trading at its lowest level since October 26, before market concerns about civil unrest and supply disruptions in leading cocoa producer Ivory Coast prompted it to surge to a 1-1/2-year high at $1,808 on November 10.
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