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Liffe cocoa gained to close at the highest level in a week on Thursday after fund buyers re-emerged on both the London and New York markets, traders said. Liffe's benchmark May futures contract finished up 20 pounds, or 2.3 percent, at 877 pounds a tonne, the best close since March 23. The front-month position changed hands in an 853-881 range on volume of 4,041 lots.
About 700 lots of the contract's volume came from trade Against Actuals, according to floor sources. Some May/September spread trading also contributed to overall volume of 7,408 lots.
"There's some fund interest...there is talk of funds wanting to close above $1,600 a tonne (on New York's May contract) for the end of the quarter," one trader said.
Speculation about gathering tension in Ivory Coast may also have prompted buying in New York, the dealer added.
A report by Human Rights Watch published on Thursday said Ivory Coast's government was recruiting scores of child soldiers from neighbouring Liberia to fight against the rebels holding the north of the world's top cocoa grower.
London fell from a four-month high of 994 pounds last week after strength in the dollar led investment funds to sell New York cocoa along with other dollar-denominated commodities.
Cocoa beans declared for export at Ivory Coast's port of San Pedro reached 360,190 tonnes between October 1 and March 25, according to Coffee and Cocoa Bourse (BCC) data obtained by Reuters on Thursday.

Copyright Reuters, 2005

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