ADMIS News
COCOA
Cocoa prices were able to successfully retest their mid-October low and their 200-day moving average and have key outside markets working in their favor. While the supply outlook remains uncertain as a portion of global demand is not being met, cocoa may be able to bounce.
COFFEE
Coffee prices have maintained their recent coiling pattern by quickly returning to the upper portion of their October/November consolidation zone. With the market continuing to find support from bullish supply developments, however, coffee may be heading for a retest of its mid-October highs.
COTTON
December cotton hit new contract highs overnight and also reached a key technical target at 121.43. With India cotton prices hitting an all-time high and absorbing the huge losses over the past several days, the market may have seen a short-term peak.
SUGAR
After finishing October on a downbeat note, sugar prices appear to have consolidated. While key outside markets remain a source of carryover support, sugar has had bullish supply development that can fuel a recovery move. Stronger energy prices provided carryover support to the sugar market as that can help to shore up ethanol demand in Brazil and India.
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