ADMIS News
COCOA
The short-term technical picture turned bearish with the weak action on Friday. With the market likely to remain well supplied through the end of the 2020/21 season and with ongoing concern with near-term demand, cocoa is likely to see downside price action ahead. December cocoa shook off early pressure and climbed to a 1-week high, but then turned sharply to the downside and finished Friday’s
COFFEE
December coffee reached a new 4-week high Friday and finished with a gain of 10.70 cents (up 5.9%) for the week last week. A COVID lockdown in Vietnam’s major port of Ho Chi Minh City that will restrict that nation’s coffee exports gave the market a boost.
COTTON
The highest close since August 17 on Friday, also the day of contract highs, keeps the market in a solid uptrend with December cotton closing 1.9% higher for the week. Demand remains on a very impressive track and there is talk that once Vietnam opens back up from Covid issues, there could be pent-up demand from their clothing industry. Southeastern Louisiana and all of Alabama look to take the brunt of the rainfall from Hurricane Ida.
SUGAR
After seeing coiling price action for the first four sessions of the week, sugar prices regained upside momentum and reached a 1 1/2 week high. For the week, October sugar finished with a gain of 46 ticks (up 2.3%) and a third positive weekly result over the past 4 weeks.
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