ADMIS News
COCOA
Cocoa’s demand outlook remains positive on a longer-term basis as the eventual reopening of global economies should result in an uptick in chocolate consumption. While North America and Asia are approaching that point, Europe continues to have setbacks that have kept the cocoa market on the defensive going into this week’s action.
COFFEE
Coffee’s downturn late last week was fueled in part by near-term European demand concerns. For the week, May coffee finished with a loss of 4.00 cents (down 3.0%) which was a second negative weekly result over the past 3 weeks.
COTTON
May cotton closed lower for the second session in a row on Friday after trading to its lowest level since March 10. Traders were concerned that the combative meeting between the US Secretary of State and high-level leaders from China on Thursday did not bode well for US-China trade relations. China has been the biggest buyer of US cotton this year, and this has been a key factor in the cotton market’s strength.
SUGAR
Sugar prices finished last week on the defensive with pressure from the pullback in energy prices. Until crude oil and RBOB find their footing, sugar could attract more selling. For the week, May sugar finished with a loss of 37 ticks (down 2.2%) which was a fourth negative weekly result in a row.
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