July ICE NY cocoa (CCN24) on Tuesday closed up +352 (+3.94%), and May ICE London cocoa #7 (CAK24) closed up +325 (+3.97%). Cocoa prices Tuesday rebounded from 5-week lows and closed sharply higher. 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. The fundamentals for cocoa remain bullish on the outlook for tighter global cocoa supplies over the medium term. On Tuesday, cocoa prices added t…