ADMIS News
COCOA
Cocoa prices continue to hold their ground near Wednesday’s weekly high and last week’s multi-year high in spite of sluggish key outside markets. If global risk sentiment continues to weaken, however, cocoa could experience more back-and-fill action ahead.
COFFEE
If global risk sentiment can rebound, coffee should be in position to trend higher over the near-term. A pullback in the Brazilian currency put the coffee market under early pressure yesterday as that encourages Brazil’s farmers to market their near-term supply to foreign customers.
COTTON
The market still feels top-heavy and with the very high open interest, and the outlook for increasing supply just ahead, the market looks vulnerable to a significant downside correction. December cotton closed lower yesterday and experienced the lowest close since September 1st. The dollar rallied sharply and traded to its highest level since August 27, and this offset a decent export sales report.
SUGAR
Sugar prices remain on-track for a sizable weekly gain and have held their ground close to Wednesday’s high in spite of lukewarm outside markets. In addition to some improvement on the demand front, sugar continues to have a bullish supply outlook that can help prices regain and sustain upside momentum.
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