ADMIS News
COCOA
Cocoa prices were able to lift clear of the May 25th low. If global risk sentiment and key outside markets remain strong, cocoa can extend its recovery move. West African producers remain fairly well supplied for the near future following sluggish global demand over the past year, and that weighed on cocoa prices early yesterday.
COFFEE
The market remains in a steep uptrend. With Colombia’s Pacific ports still seeing disruptions with coffee shipments, a more than 1% gain in the Brazilian currency as it reached a new 1-week high provided early carryover support to the coffee market as its recent strength will ease pressure on Brazil’s farmers to market their remaining 2020/21 coffee supply to foreign customers.
COTTON
December cotton remains in a consolidation phases. The market did not manage a break out of the recent range nor make a new high for the week, but it did close at its highest level since May 12. Conditions appear to be improving in Texas.
SUGAR
The technical action is positive and the market is threatening to see a resumption of the longer-term uptrend. Although strength in key outside markets has been a critical source of support, sugar also has bullish supply factors that can help it go into the weekend on an upbeat note.
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