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CSCE cocoa weaker

NEW YORK: CSCE cocoa settled slightly lower on Monday after a quiet, featureless session which ended with some light profit taking, traders said.

"We will see how it goes when London reopens tomorrow," a trader said. "There is a technical squeeze in the London September contract and we will watch to see if it continues. If it does, it will support the market."

LCE was closed Monday because of the Easter holiday.

May cocoa settled $10 lower at $1,331 per tonne, traded $1,346 to $1,330.

Traders were also waiting to see several key cocoa grind reports, starting with the U.K. on Tuesday, followed by Germany, Brazil and the U.S. over the next 10 days or so to give direction to the market.-Reuter