US cocoa ended down nearly 2 percent Wednesday as speculative sellers re-entered the market towards the close to level a rally on since the previous day.
The back-and-forth action resulted in a higher volume of cocoa futures transacted on the New York Board of Trade (NYBOT), with an estimated 13,952 lots done against Tuesday's official tally of 12,616 lots.
NYBOT's benchmark December cocoa closed down $25 at $1,419 per tonne. It rose as much as $19 in the morning to touch an intraday high of $1,463 before falling to as low as $1,415 at one point. March, the nearest cocoa contract on the NYBOT after December, settled down $23 at $1,454. The rest of the complex ended between $20 and $23 lower.