New York cocoa futures were open $10 to $15 lower on Tuesday, mostly based on overnight currency movements as the dollar strengthened against the pound, traders said.
Liffes most-active September contract was off one pound at 878 pounds a tonne at 7:38 am EDT (1138 GMT).
On Monday in New York, NYBOT benchmark September cocoa jumped $38 to finish at $1,566 a tonne, its best settlement since February 27, 2004 when it closed at $1,575. Trading on the day ranged from $1,544 to $1,572. December cocoa settled $39 firmer at $1,580, dealing from $1,559 to $1,585, while the rest finished $36 to $39 stronger.
NYBOT cocoa futures continued their surge from last weeks gains on Monday, rallying almost 2.5 percent as speculative and fund buying boosted prices to a 4-1/2 month peak before trade sales trimmed the gains, floor sources said.
Technical analysts pegged support in September cocoa at $1,450, $1,400 and then at $1,360, while resistance was seen at $1,590 a tonne.