Cocoa futures finished down in a consolidation mode on Thursday, with producer selling helping to extend losses for the third straight session at the start of cocoa-rich West Africa's main crop harvest, traders said.
"We are seeing some origin selling pressuring the market, keeping the upside limited," one trader said. "But volume is lightening up ahead of the three-day weekend," he said, referring to Monday's Labour Day holiday.
On the New York Board of Trade, the most-active December cocoa contract settled at $1,588 a tonne, down $7, after moving within a $1,578-$1,622 trading range. Spot September likewise closed down $7 to $1,584, after trading between $1,580 and $1,597. Longer-dated cocoa futures finished $7 to $8 lower.