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US cocoa futures tumbled to close down nearly 3 percent Friday, on long liquidation and options-related dealings, while industry buying prevented deeper losses, traders said. Benchmark December cocoa on ICE Futures US fell $91, or 2.9 percent, to close at $3,001 per tonne. Trades ranged from $2,975 to $3,083 per tonne. Volume for December at a heavy 13,449 lots at 1:07 pm EDT (1707 GMT).
US cocoa futures fell sharply along with the weak commodity complex and global equity markets against the dollar and falling global stock markets, after a weaker-than-expected US jobs report raised concern about the pace of economic recovery - traders. Options-related dealings also pressured ICE cocoa futures, with November options expiring on Friday, with the strike price around $3,000 - traders.
The weak sterling against the dollar and long liquidation by funds also weighed on the market - traders. Total volume Thursday reached 11,676 lots, down from the previous 12,790 lots - ICE. Total open interest by October 1 at 125,180 lots, little changed from the previous 125,272 lots - ICE.

Copyright Reuters, 2009

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