New York cocoa futures closed modestly weaker amid thinly traded volumes Tuesday, with market players focusing on spread trading between contracts following the previous session's sharp drop, traders said. The New York Board of Trade's front-month May cocoa contract slipped $2 to settle at $1,731 a tonne, extending the previous session's 6-percent fall. The May contract traded in a daily range from $1,723 to $1,748.
The July delivery declined $3 to $1,749 a tonne, while more distant contracts shed $2 to $3 on the day.
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