London cocoa sets two-month low

London cocoa futures fell to two-month lows on Monday, weakened partly by trade selling as the market finally breached key support, dealers said. "Trade selling has put the market on a bit of a back foot," one dealer said. July finished down 15 pounds at 966 pounds a tonne, just above a two-month low for the second position of 962 pounds. Total volume was a moderate 13,697 lots.
Dealers noted prices had finally breached support at 976 pounds, a level which the market bounced off twice, most recently on Thursday. They said selling may have been linked to an anticipated pick-up in supplies of cocoa as harvesting of West Africa's mid-crop gathers pace over the next few weeks.