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Cocoa ends firmer

NEW YORK: CSCE cocoa futures scored modest gains on the day amid light speculative buying, but the market failed to break out of its recent narrow trading range, trading sources said.

Traders said they expected the market to remain in a holding pattern for another week or two, when clearer indications of the size of this year's West African cocoa crop should begin to emerge.

"I think the market's just looking for direction," said one analyst, adding that cocoa continued to correct from an oversold condition in early July.

December would need several closes above $1,400 to shore up its technical outlook, he added.

The most active December position rose $8 a tonne, to $1,330, having ranged from $1,316 to $1,336. Good support was seen at $1,315. September rose $6, to $1,293, while the outer months gained $3.

An estimated 5,728 lots changed hands on the day.-Reuter