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Cocoa closes

slightly up

NEW YORK: CSCE cocoa settled slightly higher and in the middle of the session's range on Wednesday, amid trade activity on both sides of the market, dealers said.

May cocoa settled $3 a tonne firmer at $1,313, after ranging between $1,322 and $1,300. July ended up $5 at $1,334, traded between $1,342 and $1,321. The remaining months closed $4 to $5 firmer.

Traders pegged nearby May resistance at $1,323, while support was seen at the session's low of $1,300.

One analyst said the first quarter German grind figures released were minimally positive, but in line with expectations. "They were not significant, but they did reverse its decline," she said.

The German cocoa grind in the first quarter of 1996 was 69,520 tonnes, up 0.1 percent up from 69,441 tonnes in the same period last year.

Traders await the U.S. cocoa grind figures due April 19.

Volume reached an estimated 9,492, up from Tuesday's official volume of 16,367.-Reuter