New York cocoa futures finished moderately firmer Thursday as profit-taking eclipsed earlier gains following the market's failure to breach key resistance at $1,600, market sources said. "The market looked a little overdone on the upside. The buying dried up at the highs today and there was no buying underneath to hold the earlier gains made," said one floor source.
Cocoa for March delivery settled up $2 to $1,577 a tonne on the New York Board of Trade, after dealing from $1,565 to $1,596, its best level since December 22. The May contract ended unchanged at $1,580, while the rest of the board closed mixed, from down $9 to $1 firmer.