US cocoa futures settled lower on Thursday as traders remained reluctant buyers mostly due to favourable prospects for a good size mid-crop in West Africa and stability in Ivory Coast, market sources said. At the New York Board of Trade, the benchmark July cocoa contract finished at $1,480 a tonne, down $16 on the day. Trading ranged from $1,495 to $1,475, its lowest level in one week. The September contract lost $15 to $1,504 and back months closed down $10 to $15.
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