ADMIS News
COCOA
While the cocoa market is still on-course for a positive weekly result, yesterday’s negative turnaround came in spite of carryover support from a key outside market sector. While cocoa could have a downbeat finish to this week’s action, it continues to have bullish supply factors that should keep prices fairly well supported.
COFFEE
Coffee’s recovery move has run out of steam as the market is back in danger of posting a sixth negative weekly result in a row. While its net spec long position remains large enough to fuel a wave of profit-taking and additional long liquidation, coffee has improving global risk sentiment and bullish supply factors to provide the market with underlying support.
COTTON
May cotton closed higher yesterday as it consolidated its move to new contract highs this week. The weekly US drought monitor map showed reductions in drought intensity for Oklahoma and the Texas Panhandle, but not so in the unirrigated regions of west Texas, where conditions worsened.
SUGAR
Sugar prices lost strength from their key outside markets yesterday but remain on-track for a positive weekly result. With ethanol demand likely to see significant improvement this year, sugar prices should remain well supported on near-term pullbacks.
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