US cocoa futures eked out modest gains to settle at a new 3-month high on Tuesday, but speculators were nervous the past week's bullish trend may be ready for a correction, traders said.
The New York Board of Trade's (NYBOT) active March cocoa contract rose just $1 to end at $1,480 a tonne, after trading from $1,475 to $1,497. The top trade was the loftiest for the contract since September 13.
Among other cocoa futures, May likewise gained $1 to finish at $1,500, and longer-dated months climbed $4 to $5. "There was some decent speculative and light fund buying this morning, but it just dried up ... and there were sellers on the close," said a trader.