NYBOT cocoa futures ended higher Tuesday, settling at a near eight-month peak, after another burst of fund buying on concerns over a lack of rain in the worlds largest cocoa producer, traders said.
"Funds continued their buy programs again today, buying rallies and buying dips. They probably bought around 2,000 lots today," said one dealer.
Benchmark September cocoa gained $31 to settle at $1,723 a tonne, its loftiest level since December 9, 2003, after trading from $1,680 to $1,732.
December advanced $32 to $1,741 after moving from $1,697 to $1,749 and the rest rose $23 to $31.
Final estimated cocoa futures volume on Tuesday surged to 16,955 lots from Mondays count of 11,181 contracts.