SINGAPORE: New York cocoa is biased to retest a resistance at $2,637 per tonne, a break above which could lead to a gain to $2,664.

The contract seems to be consolidating within a wedge, the upper trendline of which points at a target of $2,708.

A realistic target could be either $2,637 or $2,664, respectively the 61.8pc and the 76.4pc retracements of the uptrend from $2,521 to $2,708.