New York cocoa futures rallied 3.14 percent or $48 Wednesday as fund buying pushed prices into but-stop orders before trade selling trimmed the gains, floor sources said. "It was all fund and speculative buying that ran us into some buy-stop orders above $1,550," said one. Cocoa for March delivery finished $48 firmer at $1,575 a tonne on the New York Board of Trade, its best settlement since December 22. Trading ranged from $1,520 to $1,583.
The May contract surged $49 to $1,580 and back month contracts closed $48 to $49 stronger.