US cocoa futures settled at two-week lows Thursday as speculators continued to dump their long positions in the face of a firmer US dollar and forecasts for a plentiful West African crop, market sources said.
"It was a spec run today. Short-covering ran it up today and speculative liquidation pressured us back down. New longs got in and now they're getting out," said one floor dealer.
The New York Board of Trade's benchmark cocoa contract for December delivery finished $18 lower at $1,405 a tonne, its lowest settlement since August 31. Trading ranged from $1,399 to $1,417. March closed down $17 at $1,441 and rest shed $14 to $19.
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