London cocoa futures nudged toward recent lows in mostly structural trade on Thursday, with the market stuck inside this week's tight range and a dearth of fundamental news keeping fund activity muted, dealers said.
Front month July ebbed two pounds to 764 pounds a tonne, having traded in a 768-762 band with volume of 1,084 lots.
Most active September also shed two pounds to 782, after moving between 785 and 779 in volume of 1,888 lots. Total turnover was 6,159 lots.
Official data from the world's top grower Ivory Coast showed cocoa beans declared for export by shippers at the main port of Abidjan since the start of the 2003/04 (Oct-Sept) season reached 736,807 tonnes by June 13. That compared with 731,705 tonnes during the same period a year ago.
COFFEE WANES: London's coffee market waned on Thursday on light profit-taking and trade selling, as the spread between spot and second month narrowed, dealers said.
Front month July ended $13 lower at $789 a tonne, having moved between $809 and $788. It was the most active month, with turnover of 6,462 lots.
September declined $8 to $787 on 4,969 lots. Total turnover was 14,276 lots.
London International Financial Futures and Options Exchange (LIFFE) graded 519 lots of coffee on Thursday, including 38 that were non-tenderable. Gradings included 388 Vietnamese lots, of which 23 were non-tenderable.