CSCE cocoa futures ended unchanged to down slightly on Tuesday as early speculative short-covering gave way to scale-up trade selling which "washed out" the day's earlier gains and kept futures held in a sideways range, floor sources said.
"They did the same thing on the way down as they did on the way up ... everybody is getting in and getting out," said one trader.
Benchmark July finished unchanged at $1,358 a tonne, after trading from $1,351 to $1,376.
Spot May closed steady as well at $1,354 a tonne, while the rest of the board ended down $1 to $2.
Futures followed their morning call lower as the US dollar strengthened against the pound overnight, making New York cocoa more expensive against prices in London, but managed to make mid-session gains on speculative short-covering before the trade sold at the top of the range, dealers said.
Meanwhile, cocoa arrivals at ports in Ivory Coast reached 1,155,803 tonnes between the start of the 2003/04 (October-September) campaign and April 30.
This compared with 1,159,449 tonnes delivered to ports during the same period of the 2002/03 season, official data from the Coffee and Cocoa Bourse (BCC) showed on Tuesday.
Estimated final futures volume Tuesday stood at 6,157 lots, compared with 2,986 lots in Monday's session.
Comments
Comments are closed.