US cocoa futures closed at a five-month peak Friday, boosted by position rolling out of the spot contract, fund buying and the firm pound, traders said. Benchmark May closed up $63 or 2.3 percent at $2,833 per tonne, the strongest close for the second position on a continuation chart since August 29. Trading range from $2,769 to $2,843.
The March contract also settled $63 higher or 2.3 percent at $2,828, the highest settlement for the spot contract in five months. At 12:21 pm EST (1721 GMT), May futures were up $60 at $2,830 per tonne, with volume at a hefty 10,934 lots. The electronic platform trades until 2:45 pm.
Heavy position rolling out of the March contract, ahead of first notice day February 13, into May - traders. Fund buying and chart-based strength also supported the market - traders. Market strength also from arbitrage buying on the firm sterling against the US dollar - traders. Investor profit-taking provided some market pressure - traders.
March options expiry on the day but options-related dealings were thin - traders. Exports of semi-finished cocoa products from top grower Ivory Coast's San Pedro port from October to January of 2008-09 totalled 26,171 tonnes, up 147 percent on the same period last season - port data.
Chance of some widely scattered afternoon showers and thundershowers in the far south region of West Africa on Friday, with mostly dry conditions seen Saturday through Tuesday - DTN Meteorlogix. Total volume Thursday at a heavy 19,042 lots - exchange data. Open interest in the cocoa market at 122,127 lots by February 5, little changed from the previous 122,032 lots - exchange data.
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