ADMIS News
COCOA
While the market has found support from a positive longer-term outlook, cocoa has been unable to get past near-term demand concerns. Until there is more widespread use of COVID vaccines, cocoa may have trouble sustaining upside momentum. Ongoing concern with cocoa’s near-term demand was given added fuel by news that global new COVID case counts remain near record high levels.
COFFEE
Coffee’s European demand concerns will remain in place until the region’s lockdown measures are relaxed, but the market will continue to find support from Brazil’s supply issues. Coffee has regained upside momentum and is closing in on a new 4-week high in spite of little improvement in European near-term demand prospects.
COTTON
The market is at a key resistance level and global demand could expand at a time when the new crop supply fundamentals are questionable. December cotton closed moderately higher on Tuesday after spending the day inside of Monday’s range.
SUGAR
Sugar prices are now more than 2.00 cents above their early April lows as a bullish supply outlook has overcome volatile key outside markets. While there may be rising concern with India’s near-term demand, sugar should be able to extend this month’s rally further into new high ground. July sugar reached a new contract high and multi-year high yesterday.
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