US cocoa futures extended a three-month low Wednesday on speculative and producer selling, with market players questioning when manufacturers will start to show their faces, traders said.
"There was a lot of belief that cocoa was reaching levels that had good end-user interest and it really hasn't - it is just technical selling and long liquidation," said one trader.
"There was very light origin selling, but it was mostly spec selling," he said.
On the New York Board of Trade, the most-active December cocoa tumbled $18, or 1.3 percent, to settle at $1,406 a tonne, near the bottom of a $1,402-$1,419 trading range. It was the lowest closing since July 6.
March 2005 likewise fell $18 to $1,424, while distant futures declined $14 to $18.