NYBOT cocoa futures were knocked down Thursday by forecasts for rain in cocoa-rich Ivory Coast, where a two-month dry spell has stirred concerns about the growth of crops, traders said.
Benchmark September cocoa settled $24 lower at $1,703 a tonne, moving within a trading range of $1,673 to $1,709. December cocoa declined $23 to finish at $1,722, after trading from $1,695 to $1,725. The rest of the board ended $18 to $23 lower.
Final estimated cocoa futures volume Thursday reached 10,224 lots, against 10,337 lots on Wednesday. Open interest in the cocoa market increased 2,191 lots to 119,017 lots as of August 4. Support in September cocoa was pegged at $1,700, with resistance at $1,750.