NY cocoa to hover below $2,477

SINGAPORE: New York cocoa faces a resistance at $2,477 a tonne.

It may hover below this level or retrace to the support at $2,452.

The resistance is identified as the 61.8% retracement of the downtrend from $2,559 to $2,344.

Raw sugar prices ease, coffee and cocoa edge higher

A small five-wave cycle could be ending around this resistance as well, increasing the chance of a correction.

A break above $2,477 could lead to a gain to $2,508.