Benchmark cocoa futures in New York closed down 2.8 percent Thursday on a volley of speculative selling after a similar drop in London prices. Cocoa for March delivery on the New York Board of Trade finished $43 lower at $1,490 a tonne, breaking the $1,500 psychological support level. It bottomed at $1,485 which marked the lowest level in two weeks.
Volume was estimated at 12,914 lots, up from Wednesday's official tally of 7,344 contracts.