US cocoa on ICE Futures eased early on Wednesday in a mild correction after soaring up a 28-year peak Tuesday, while arabica coffee likewise slipped as origin sellers appeared. September arabica contract down 1.50 cents at $1.5385 per lb by 9:22 am EDT (1322 GMT), moving from $1.533 to $1.557. The rest retreated 0.75 to 2.05 cents.
September cocoa contract to be bullish. If remains above $1.50 per lb, is positioned to test $1.6445 with resistance around $1.60, said Newedge report on Tuesday. Final volume Tuesday at a light 12,972 lots, said ICE data. Benchmark September cocoa contract down $24 at $3,251 a tonne by 9:23 am, trading from $3,221 to $3,286. The rest fell $17 to $27.
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