US benchmark cocoa futures settled at their highest level in two weeks on light speculative buying Tuesday, although spread trading between the two nearest contracts dominated much of the action, market sources said. The New York Board of Trade's benchmark July cocoa contract gained $14, or 1 percent, to end at $1,435 a tonne, just $3 shy of the top of a $1,417-$1,438 trading range. It was the July contract's loftiest settlement since May 24.
Among other cocoa futures, September gained $13 to $1,459 a tonne. Back month contracts climbed $11 to $12 on the day.
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