SINGAPORE: New York cocoa looks neutral in a range of $2,331-$2,387 a tonne and an escape could suggest a direction.
The contract failed twice to break a falling trendline.
The failures could be the leading indicator of the downtrend to extend.
NY cocoa to hover below $2,477
However, until cocoa falls below $2,331, the extension will not be confirmed. A break above $2,387 could open the way towards a range of $2,406 to $2,437.