ADMIS News
COCOA
While the cocoa market continues to receive positive demand-side data, it has not been enough for prices to find their footing. With the market back to within striking distance of the late September lows, cocoa needs to see fairly strong demand data early in today’s trading to avoid further downside price action.
COFFEE
Coffee has a bullish supply outlook and a bullish demand outlook that has underpinned prices while global risk sentiment and key outside markets have had setbacks during October. With both taking a positive shift late this week, coffee could see active buying support. A mild rebound in the Brazilian currency provided coffee with carryover support as that should ease pressure on Brazil’s farmers to market their remaining near-term supply.
COTTON
December cotton closed higher yesterday and the market is sharply higher this morning. The market benefited from a risk-on mood across the commodity markets that brought gains to energies and precious metals.
SUGAR
Sugar prices have been on the defensive over the past few days and appear to have found little carryover support from energy prices that are close to multi-year highs. While it has fallen back below the 50-day moving average and may be in danger of reaching a new 2-month low, sugar continues to have bullish supply factors that can help the market find its footing.
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