ADMIS News
SUGAR
While there are fresh concerns on the demand side of the market, sugar’s bullish supply outlook remains intact which should keep prices well supported on a near-term pullback. A record high daily increase in new global COVID cases have dampened expectations for second quarter sugar demand, particularly in India which is the largest sugar-consuming nation and accounts for over 16% of global sugar consumption.
COCOA
While the market will continue to face near-term demand concerns as long as global new COVID case counts remain high, cocoa has come out of the first quarter grindings window with a more optimistic view on the longer-term demand outlook. As long as the supply side does not produce any bearish surprises, cocoa should be able to maintain upside momentum.
COFFEE
A bullish coffee supply outlook has been able to overcome near-term demand concerns and support the uptrend. As global risk sentiment rebounds and demand prospects improve with wider vaccine usage, coffee should be able to regain and sustain upside momentum.
COTTON
For the bulls, it will be important for the cotton market to take out yesterday’s highs soon as the market turned lower from an overbought condition and from a key resistance level. The market traded above Friday’s high for the move, closed lower and just barely missed taking out Friday’s low.
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