ADMIS News
COCOA
The technical action in cocoa to start the trading week was mixed, with an eight-day high forged before setting back. A news wire report citing above average rainfall and sunny spells in Ivory Coast last week may have encouraged some selling.
COFFEE
March coffee sold of sharply and traded to its lowest level in a week yesterday. A report from Vietnam that their coffee exports are expected to drop 8.8% in 2020 may have provided some initial support, but it failed to hold the market very long.
COTTON
The uptrend in cotton is intact, but divergence with momentum indicators at the recent highs puts the market in a precarious position. The market may have drawn some support yesterday from the signing of the Covid relief bill, but in general the day’s action was what you expect after the holiday – quiet.
SUGAR
March sugar continues to rally amid signs of strengthening demand. The market closed higher for the third straight session yesterday and rallied to the highest level since November 24.
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