DJ ICE Cocoa Review: Slips In Range-Bound Summer Trading
NEW YORK (Dow Jones)--Cocoa prices tumbled Monday as the market was unable to
maintain momentum near the top of its range.

Nearby cocoa for September delivery cocoa settled $9, or 0.3%, lower at
$3,082 a metric ton on ICE Futures U.S.

Cocoa futures have been trading in a narrow band in recent months as both
supply and demand are in their annual summer lull. Trade tends to pick up in
September and October when beans from West Africa's plantations make their way
through marketing channels. At the same time, confectioners begin to stock up
on cocoa to manufacture chocolate for the holiday season.

September cocoa shied away from the $3,200 top of its range Monday. The
contract is likely to now drift back toward the $2,900 bottom of the range,
said Spencer Patton, founder and chief investment officer at Steel Vine
Investments in Chicago.

Volume was estimated 14,673 contracts to the point of settlement, according
to exchange data. In options, approximately 144 calls and 602 puts traded in
the same time frame.

ICE cocoa open interest--the number of active positions left at the end of
the session--decreased by 1,515 positions Friday to total 122,905, the exchange
reported.
Close Change Range (To the point of settlement) Liffe
Close Change
Sep $3,082 -$9 $3,040-$3,108 Sep
GBP2,257 -GBP16
Dec $3,111 -$9 $3,069-$3,133 Dec
GBP2,171 -GBP14