US front-month cocoa futures rose 1 percent to settle at a three-week high Tuesday, with follow-through speculative and fund buying extending the previous day's gain, traders said.
Spread trading was active ahead of the September contract's first notice for delivery on August 18, while producer hedging was thin due to a lull in the West African harvest, they said.
The New York Board of Trade's active cocoa contract for September delivery climbed $15 to settle at $1,537 per tonne, the loftiest finish since July 17, after trading from $1,518 to $1,546. December cocoa advanced $16 to conclude at $1,582 a tonne and back months gained $13 to $16.
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