Cocoa posted gains on Wednesday after chocolate makers hedged against further gains and higher production costs by buying contracts.
Cocoa for March delivery increased by 12 pounds, or 1 percent, to $2,493 a metric ton on the Liffe exchange in London, making it the highest increase since May 2003.
According to the Commodity Futures Trading Commission, large speculators such as Hedge-fund managers increased their net-long positions in the New York cocoa futures for the week that ended Feb.5.
Cocoa for May delivery increased by $36, or 1.5 percent, to $2,452 a ton on ICE Futures U.S.
However, there are speculations that more favorable weather in Ivory Coast, the biggest cocoa producer, may affect cocoa gains.