ADMIS News
COCOA
Cocoa’s 4-session winning streak has put the market on-track for a second positive weekly result in a row. With a positive supply/demand outlook providing underlying strength, cocoa should remain fairly well supported.
COFFEE
The key reversal from a multi-year high and from an overbought condition is a bearish technical development for coffee. If global risk sentiment takes a negative shift, coffee may see further downside follow-through. March coffee reached a new 10-year high, before the key reversal.
COTTON
December cotton closed sharply lower yesterday, after failing to take out the November 2 contract high on Wednesday. The dollar fell for the second straight day after reaching its highest level since July 2020 on Wednesday.
SUGAR
The hook reversal after a rally to the highest level since September 1 is a bearish technical development. Although the market continues to have a bullish supply outlook, fresh concern over global demand prospects could keep sugar prices on the defensive short-term.
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