US cocoa futures settled at a new seven-week peak on Wednesday, as speculative short-covering boosted values and traders sped up contract rollover from December into March, sources said.
NYBOT cocoa for December delivery ended up $12 at $1,528 a tonne, after dealing between $1,507 and $1,533, its loftiest level since September 22. March, the closest month to December on NYBOT's cocoa complex, rose $18 to $1,563, while the rest of the complex gained $17 to $18. Technicians pegged support in December cocoa at $1,470, while initial resistance was seen at the September 21 peak at $1,535, followed by $1,550.
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