CSCE cocoa futures eked out a small rise Thursday, holding above three-week lows on speculative buying and short-covering by the trade in reaction to a new crop estimate for top grower Ivory Coast, brokers said.
The benchmark March cocoa contract inched up $12 to close at $1,537 a tonne, with a $1,526 to $1,549 range. On Wednesday the contract hit a three-week low of $1,520 a tonne.
Traders have been on an up and down ride as various crop estimates for top producer Ivory Coast have been released.
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