ADMIS News
COCOA
While the market is still on-track for a positive weekly result, cocoa may still be vulnerable to long liquidation. Stronger European and US equity markets provided cocoa with carryover support as they can help to shore up cocoa’s near-term demand outlook.
COFFEE
Since last week’s updraft, coffee prices have seen 5 sessions in a row with a lower high as the market continues to pull back from multi-year high price levels. An improving demand outlook is combining with an already bullish supply situation, which could hold the market in an uptrend.
COTTON
December cotton gapped lower on Thursday and sold off sharply, falling to its lowest level since April 21. The market saw some early support from a somewhat better export sales report this week, but it sold off sharply on an updated weather forecast increased the amount of rainfall for west Texas.
SUGAR
The break confirmed the May 12th key reversal and weakness from key outside markets has the sugar market in danger of posting a key weekly reversal from Wednesday’s multi-year highs. While it is vulnerable to profit-taking and additional liquidation.
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