ADMIS News
COCOA
The cocoa market has benefited from bullish developments on both the supply and demand sides of the market, and should remain well supported in front of this week’s holiday. For the week, however, March cocoa finished with a gain of 68 points (up 2.7%) which was a second positive weekly result in a row. A sharp selloff in the Eurocurrency weighed on cocoa prices as that will make it more difficult for Euro zone grinders to acquire near-term supplies.
COFFEE
Coffee prices saw volatile action from Wednesday through Friday, as a 3-day/13.25 cent could indicate that the market is approaching a near-term top. Coffee continues to have bullish supply development and an improving global demand outlook, however, both of which should provide underlying support that will keep the market fairly close to multi-year highs early this week. March coffee saw the third session in a row which featured a new 10-year high.
COTTON
December cotton closed higher on Friday, inside the trading range it has been confined to since November 1. The market made an attempt to trade through the November 2 contract high last week but failed, but it has not sold off either. It has closed higher for five straight weeks as well.
SUGAR
Sugar prices have been unable to sustain upside breakout moves over the past 2 months, and are vulnerable to downside follow-through early this week. A major source of pressure has come from sluggish outside markets that may be bearish for the global supply outlook, but sugar also has had bullish developments that should provide underlying support.
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