ADMIS News
COCOA
While cocoa prices remain well below their early October highs, their 2-day winning streak to finish last week has lifted the market well clear of last Wednesday’s 2-month low. It may be difficult to shake off the pattern of volatile price action that started at mid-year, but cocoa is showing early signs that a near-term low may be in.
COFFEE
The market remains firmly within a longer-term uptrend. With a bullish supply outlook and improving global demand, coffee should remain fairly well supported on a near-term pullback. For the week, December coffee finished with a loss of 3.55 cents (down 1.7%) which was a second negative weekly result over the past 3 weeks.
COTTON
December cotton closed higher on Friday after spending the day inside Thursday’s outside range down. There were reports of increased buying from China after the selloff on Thursday.
SUGAR
Sugar prices remain well below their 2021 highs, but they appear to have found their footing following a mid-October downside breakout. With energy prices and a bullish supply outlook providing underlying support, sugar may be able forge a low soon. For the week, March sugar finished with a loss of 72 ticks (down 3.6%) and a second negative weekly result in a row. Long liquidation trend in COT; 43K in just one week.
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