ADMIS News
COCOA
While cocoa has seen coiling price action and had trouble following through on Monday’s outside-day higher, it remains on-track to finish April with a sizable monthly gain. With a positive shift in global risk sentiment, cocoa can continue to climb further to the upside.
COFFEE
Coffee prices have closed within 1.00 cent of their daily high during each session this week, with all 3 days also resulting in a new high for the move. Although the market remains vulnerable to profit-taking and additional long liquidation, coffee’s bullish supply outlook and improving demand prospect should lift prices to even higher levels during the second quarter.
COTTON
December cotton closed lower on Wednesday but spent the day inside Tuesday’s breakout range in what appears to be consolidation. The Dollar Index had an outside day lower and traded to its lowest level since February 26.
SUGAR
Sugar’s severe updraft on Tuesday may have taken prices “too far, too fast” going into month-end, so the market did not need to see a negative shift in key outside markets. Although there are still two sessions left in the week and month, sugar may be closing in on a near-term peak.
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