US cocoa futures settled down on Friday, pressured by the lower sterling relative to the dollar amid a general weakness in commodities, while continuing to move in the week-long sideways trading pattern, dealers said.
"This week the main feature was trying to stabilise. We're developing a trading range, and I'd say (there is) volatile trading within that range," one cocoa trader said, noting thin dealings. The market continued to recover and look for legs after it tanked on long liquidation last week, when the benchmark contract was yanked from a recent 28-year high at $2,971 per tonne.