US cocoa futures prices climbed more than 4 percent to a two-week high Thursday, fuelled by speculators buying on bullish technical signals following weeks of sharp losses and contract lows, traders said.
A lack of price hedging from producers made it easier for prices to plow forward for the third consecutive session, particularly as more stop-loss orders were triggered on the move up, they said.
The New York Board of Trade's active cocoa contract for December delivery rose $61 to settle at $1,434 a tonne, after trading from $1,393 to $1,440. The top trade was the loftiest since September 14. March cocoa ended at $1,469, a $59 gain. Deferred deliveries advanced $58 to $60 on the day.