Tuesday, 01 January 2013 05:06
NEW YORK: US cocoa futures finished 2012 on Monday with their first annual increase in three years, closing up 6 percent for the year as speculators held a large net long position despite ample supplies.
The benchmark March contract on ICE Futures US settled down $13 from the previous session to close at $2,236 per tonne, the spot contract's weakest settlement since July 25, on follow-through selling as the chart continued to weaken. It fell below the 200-day moving average, a sell signal for many technical traders, on Dec. 20.
The spot contract finished the month of December down 12 percent, its weakest monthly performance since November 2011. For the quarter it ended down 11 percent, its weakest quarter since the final three months of 2011.
Center>Copyright Reuters, 2012