ADMIS News
COTTON
The market is seeing a bounce overnight but with a firm US dollar and a dry forecast for the next five days, the market could struggle to remain in a steep uptrend given the overbought condition. December cotton climbed over 72.00 for the first time since January 22.
COCOA
With news of fresh coronavirus lockdowns in Europe, cocoa is unlikely to fully overcome global demand concerns until late in the fourth quarter. There have been bullish supply-side developments that have underpin the market, however, as cocoa prices may be able to maintain upside momentum short-term.
COFFEE
Coffee prices remain on the defensive as they are facing pressure from both the supply and demand sides of the market. There are signs that prices are slowing their descent, however. As focus shifts away from Brazilian production now that their harvest is complete, coffee has been able to benefit from some bullish supply-side developments.
SUGAR
While sugar prices remain in close proximity to Monday’s 7 1/2 month high, they have had back-to-back negative daily results for the first time since early September. With few fresh bullish supply/demand factors to provide near-term support, sugar will have to rely on stronger key outside markets in order to avoid long liquidation.
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