CSCE cocoa futures settled lower Tuesday but off their session lows as some fund sales, along with continued fund rollover in the May contract, was offset by some manufacturing buying, floor sources said.
"It was a lot of spreads again. Funds were selling today, but the industry-type buying offset that action," said one dealer.
May cocoa ended down $7 at $1,375 a tonne, near the bottom of its $1,372-$1,395 range. July cocoa lost $7 as well to finish at $1,382 a tonne, while the rest of the board settled unchanged to $5 weaker.
Floor traders said the May/July spread was "very active between $8 and $5 discount," referring to the difference between the May and July contracts.
Comments
Comments are closed.