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Cocoa futures

settle easier

NEW YORK: CSCE cocoa futures turned lower late in the session to settle below unchanged on steady commission house selling, market sources said on Friday.

Traders said the U.S. dollar's rise versus British sterling also dampened buying enthusiasm in New York, though little direct arbitrage between the two centers was seen ahead of the weekend.

Speculative sell stops were triggered below $1,332 in December, driving the most active contract to a session low of $1,316 before it recovered slightly at the close. Brisk scale-down buying from the trade brought the market off its lows, dealers said.

December closed down $5 a tonne, at $1,322, after ranging from $1,316 to $1,340. Solid resistance for December was seen at $1,305. September also fell $5, to $1,287, whle the outer months settled down $5 to up $3.

An estimated 6,795 lots changed hands on the day.-Reuter