ADMIS News
COCOA
The European Medicines Agency said that the benefits of the AstraZeneca vaccine outweigh the risk while Italy will resume use of AstraZeneca vaccines today, so the expectation that more Euro zone nations will resume their COVID vaccines during the near future provided a boost to the cocoa market.
COFFEE
Coffee’s near-term demand concerns continue to put brakes on its longer-term upmove. The market looks vulnerable to long liquidation. The Brazilian currency continued to recover from 10-month lows seen last week, and that provided an early source of carryover support to the coffee market.
COTTON
May cotton remains in a short-term downtrend but seems to have the demand fundamentals to hold support. The dollar was stronger and the stock market weaker, and both these moves are negative for cotton.
SUGAR
While sugar prices have fallen out of the March consolidation zone to the downside, they have held up fairly well in spite of severe carryover pressure from key outside markets and remain above their 50-day moving average. If a “risk on” mood re-emerges, sugar could hold and turn back up.
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