ADMIS News
COCOA
With near-term demand concerns a front-and-center issue, back-to-back disappointing quarterly grindings put the cocoa market on the defensive. Unless global risk sentiment shows clear signs of improvement, cocoa may see downside follow-through early this week. For the week, July cocoa finished with a loss of 82 points (down 3.1%) for a second negative weekly result in a row.
COFFEE
With the market continuing to find support from production issues, coffee should be able to turn higher at any time. For the week, July coffee finished with a gain of 3.40 cents (up 1.5%). This was a fourth positive weekly result over the past 5 weeks and was a positive weekly reversal from last Thursday’s 3-week low.
COTTON
July cotton closed lower again on Friday and the selling this morning has pushed the market down to the lowest level since April 12. The market was pressured by concerns about reduced demand, China’s economy, and a stronger dollar.
SUGAR
Sugar continues to be pressured by key outside markets. With bearish supply news from Asia also weighing on prices, sugar could see further weakness. Crude oil and RBOB gasoline prices finished the week on a downbeat note, which weighed on the sugar market as that could diminish near-term ethanol demand in both Brazil and India. However, sugar’s main source of pressure came from a massive 3.5% plunge in the Brazilian currency.
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