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LCE cocoa edges lower

LONDON: London cocoa futures were slightly lower at midday on Friday in slow trading but looking to consolidate.

"It's lost upside momentum. At the moment all you can say is it's consolidating rather than heading south," a broker said.

At midday September was down three stg at the intraday high 877 stg after ranging just four stg.

Overall market volume was a slight 786 lots, including 150 crosses and 149 against actuals.

A trader said he doubted prices would fall back to test recent lows.

He said the base formed around 846-848 stg on September and second-month continuation and the key reversal on Tuesday would makes a downside push less likely.

"Origins are looking at a more comfortable sales position which might exclude them from offering at these levels," a broker said.-Reuter