US cocoa futures closed higher on Thursday in a sustained rally buoyed by fund and speculative buying, keeping prices at nearly four-year-high levels, traders said.
"The reason why we've also seen this gradual move higher is because you have a lot of bears out there who have been selling this and then as the market moves up, (buy) stops are getting hit to close those positions and that's what contributing, pushing prices higher," one trader said.
The New York Board of Trade's benchmark may contract climbed $16 to settle at $1,941, after trades spanned from $1,933 to $1,960. July ended up the same at $1,968, in dealings from $1,962 and $1,985, while the rest closed from $15 to $18 higher.
The May contract rose a more modest $2 at $1,927, at 12:54 pm EDT (1654 GMT), on the IntercontinenalExchange NYBOT electronic platform, while July was up the same at $1,954. Electronic trading ends at 3:15 pm. Ivory Coast's President Laurent Gbagbo on Thursday appointed rebel leader Gallium Sore as prime minister, a presidential spokesman said.
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