The previous session's steep losses

Cocoa futures soared to a five-week high Tuesday, recouping the previous session's steep losses as the ICE market vaulted more than 6% on short-covering.
July cocoa soared $100, or 4.5%, to $2,319 per metric ton, the highest since March 28, after flying as high as $2,356. Cocoa climbed in an initial corrective bounce from Monday's 7.1% tumble, but sharply extended its gains ahead of the settlement window on a wave of short-covering, dealers said.
"It's a mixture of some spec short-covering, some new longs as we rejected the lows of yesterday," said Drew Geraghty, a commodity broker at ICAP North America in New Jersey. "I think this is technical short-covering."
Cocoa futures closed above their 100-day moving averages, after falling below those levels on Monday.
The rally lifted volumes, which were light prior to the surge, to just below the 30-day average, though traders in continental Europe were on holiday for the May 1 "May Day"and many dealers away from their desks before a trade dinner in London on Friday.
"The open interest reflecting yesterday's business shows the funds got short the market," Geraghty said. "Looking at the volume profile of yesterday's business, it looks like a lot of these shorts are trapped between $2,210 and $2,146, yesterday's low."
Open interest jumped to 182,814 lots on April 30, the highest in nearly six months, while Monday's volume jumped to nearly 36,000 lots, a two-week high, ICE data showed.