London cocoa futures ended down on speculative selling on Monday, cancelling out market gains made in recent sessions, dealers said. The most-active December contract ended down 16 pounds, or 1.8 percent, at 879 pounds a tonne after trading between 898 and 875 pounds.
Total volume was a relatively low 7,999 lots. "Reactive spec selling went through trade buying," said one dealer, adding the weakness in New York had triggered the selling. The December contract touched 906 pounds on Friday, its highest level since July 18. The market rose by about 1.7 percent from Tuesday to Friday.
Front-month September contract was down $16 at $850. Rains in Ivory Coast's main cocoa growing areas have been sufficient in early to mid August to help the developing 2006/07 main crop season harvest, which officially kicks off in October, farmers said on Monday.
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