$SWGH

Cocoa prices saw a significant increase due to a weak U.S. dollar, which encouraged short covering among traders. The May ICE NY cocoa futures rose by 2.66%, while London cocoa prices increased by 2.37%. This rise indicates a reversal for traders who had previously taken short positions in a weak dollar context. The market is responding positively as external factors like currency fluctuation overshadowed previous bearish sentiments. Overall, the trend suggests that cocoa may continue to gain momentum if the current dollar weakness persists.