July ICE NY cocoa (CCN24) on Thursday closed up +61 (+0.71%), and July ICE London cocoa #7 (CAN24) closed up +39 (+0.52%). Cocoa prices recovered from early losses on Thursday and posted moderate gains. Extreme volatility in cocoa prices has gripped the market since prices soared to an all-time high last month. The recent volatility in cocoa prices has made it more expensive to maintain positions in cocoa futures as margins have sharply increased, prompting traders to close out trades, which drains liquidity and makes the market more vulnerable to large price swings. Trading conditions in coco…