New York cocoa futures ended narrowly mixed on Tuesday as a strengthening dollar nearly wiped away early gains, traders said. After breaking above a 2-1/2-week trading range on Monday, cocoa futures failed to garner the momentum needed to maintain the rally. "The dollar had its way with us," said a trader on the floor of the New York Board of Trade. "When the dollar strengthened against sterling after the US consumer confidence number, selling came into New York and we traded back down," he said.
The NYBOT's benchmark March cocoa contract settled up $1 at $1,527 a tonne, barely extending its one-month settlement high on Monday. March traded as high as $1,536 and marked a session low at $1,518.
The May contract likewise gained $1 to $1,531 and more distant deliveries ended up $1 to down $2.
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