CSCE cocoa futures finished with slight gains Tuesday, rebounding from new contract lows as early speculative selling gave way to trade and industry buying off of the lows, traders said.
"The same big fund was selling again today. Between Friday, Monday and today I bet he has sold about 6,000 lots ... and we settled higher, which was surprising and a little positive for the market," said one floor source.
Benchmark July settled up $6 at $1,320 a tonne, trading from a new life-of-contract low of $1,299 to $1,323 a tonne.
September cocoa gained $4 at $1,327 a tonne, moving from a new contract low of $1,308 to $1,328 a tonne. Back month contracts ended flat to $4 firmer.