New York Board of Trade cocoa futures weakened on Thursday, depressed again by speculative selling the day after it scaled a new five-week high, market sources said. NYBOT's cocoa contract for September delivery fell $12, or 0.8 percent, to settle at $1,479 a tonne, near the bottom of a trading range from $1,475 to $1,502.
December eased $13 to $1,513 a tonne, and back month contracts retreated $11 to $12.
"We saw some buying in the day, but then we came right off," said a broker.
"There was some good spec selling and the ring was short," he added. Traders said cocoa futures turnover reached an estimated 9,065 contracts, above on Wednesday's official tally of 6,659 lots.
One market source said the currency arbitrage between New York and London helped to pressure prices here.
Sterling dipped to a low $1.7714 after touching a high $1.7826.
The pound's initial rise had been fuelled by the Bank of England cutting rates for the first time in two years.
On the Liffe exchange in London, the front-month September contract ended at 870 pounds a tonne, down 6 pounds.