US cocoa futures pulled back from a one-month high on Friday amid some profit-taking at weeks end, but traders expected the markets strong technical momentum to drive prices higher in the coming week. Benchmark May fell $6 to close at $2,585 per tonne. Session ranged from $2,551 to $2,597.
On Thursday, the contract spiked to its highest level since February 19, at $2,598. At 1:01 pm EDT (1701 GMT), May futures remained down $6 at $2,585 per tonne, with volume at a modest 4,618 lots. Market technically strong after back-to-back settlements above trend-reversal point at $2,472 a tonne - traders. Daily and long-term charts all bullish - traders. Near-term resistance in May cocoa at $2,610 to $2,615, with major overhead resistance at $2,642.