ADMIS News
COCOA
May cocoa continued its whipsaw price pattern with choppy trade this week. Concern over near-term demand remain a front and center issue for the market with the Valentine’s Day holiday (normally a major event for chocolate purchases) occurring while many regions are still under COVID shutdown measures.
COFFEE
Coffee was unable to avoid a fourth negative daily result in a row and is on-track for a third negative weekly result over the past 4 weeks. May coffee held within its smallest daily trading range in over a year.
COTTON
The market posted new contract highs overnight and closed sharply higher yesterday, retracing most of Wednesday’s losses. Corn retraced some of its losses and this may have calmed some cotton traders’ fears of a protracted selloff.
SUGAR
The sugar market remains in close proximity to a multi-year high, but the Wednesday/Thursday pullback has left the market in danger of posting a negative weekly key reversal. Although the near-term supply/demand outlook remains positive, sugar may be vulnerable to long liquidation selling if support levels are violated.
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