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US cocoa futures edged lower on Wednesday, after a rangebound session as players rolled positions out of the front month into September ahead of July's first notice day on June 18, traders said. "It's lacking any direction. There's not much buying interest with prices above $1,900 so that's why the market looks top-heavy when it gets above there," one trader said.
The New York Board of Trade benchmark July contract fell $6 at $1,875, in narrow dealings from $1,863 to $1,895. September futures also closed down $6 while the rest ranged from $6 to $8 lower.
"There's just a lack of news out there and this is a quiet time of year for cocoa," a dealer said. The July contract trading on the IntercontinentalExchange NYBOT electronic platform was down $4 at $1,877, at 12:55 pm. While the rest ranged from $3 to $5 lower. Electronic trading ends at 3:15 pm. In London, cocoa futures ended little changed with the Liffe July cocoa futures contract closing up 5 pounds at 1,025 pounds, trading in a band from 1,011 to 1,034.
New York Board of Trade estimated open-outcry volume around noon at 2,440 lots, compared to the 3,048 contracts that traded in open-outcry on Tuesday, when 8,630 contracts traded on the ICE electronic platform.
Open interest fell 5,590 lots to 152,624 as of June 5. In the No 1 cocoa producer, exports of semi-finished cocoa products from Ivory Coast's San Pedro port totalled 19,931 tonnes from October to May, almost unchanged from the same period of the 2005/06 season, port data showed on Wednesday.
In related news, Brazilian 2007/08 (May/April) cocoa arrivals from Bahia and other states totalled 245,868 60-kg bags by June 3, down 20.5 percent from 309,646 bags a year ago, Bahia Commercial Association said on Wednesday.

Copyright Reuters, 2007

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