ADMIS News
COCOA
Cocoa’s abrupt change in fortune yesterday has lifted prices far above Wednesday’s 4 1/2 month low and on-track for a positive weekly reversal. While the market will continue to have concern over near-term demand prospects, cocoa could extend its rebound.
COFFEE
Since Monday’s outside day down, coffee has seen tight coiling price action more than 10.00 below last week’s multi-year high. While the market is still on-track to break a 3-week winning streak, coffee has been resilient in the face of volatile global risk sentiment and should remain well supported short-term.
COTTON
March cotton closed lower again yesterday, but the decline was minimal relative to the action of the previous two days. This was despite a generally positive tone in equities and commodities. The export sales report showed strong sales but low shipments for the week. The report showed US cotton export sales for the week ending November 25 came at 374,896 bales, all for the 2021/22 (current) marketing year. This was up from 243,134 the previous week and was the highest since October 14.
SUGAR
Sugar prices appear to have found their footing after falling more than 220 ticks (down 10.7%) below their mid-November high. Although it is on-track for a third negative weekly result in a row and will continue to need carryover support from key outside markets, sugar may be able to finish this week’s trading strong.
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