Increase Selling Pressures in Cotton
Near-term demand concerns remain a front-and-issue for the cocoa market, and those concerns have been given added weight by Wednesday’s negative shift in global risk sentiment.
In spite of near-term demand concerns and negative global risk sentiment, coffee prices have held their ground within their mid-January consolidation zone.
With high open interest and a potential setback in US and global stock markets, the cotton market looks vulnerable to a more significant correction over the near term. March cotton closed lower yesterday and at its lowest level since January 15.
Sugar prices have been able to hold their ground above Tuesday’s low, but the negative shift in global risk sentiment could result in carryover pressure from key outside markets.
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