US benchmark cocoa futures prices rose 2 percent to a 3-1/2-month high Thursday on fund and speculative buying amid light producer sales and bullish technical signals on the price charts, traders said.

The New York Board of Trade's active March cocoa contract climbed $32 to settle at $1,501 a tonne, the highest since September 12, when it ended at $1,516. Among other cocoa futures contracts, May gained $29 to end at $1,520 a tonne, while back months advanced $24 to $30.

Copyright Reuters, 2005