Welcome to Markets Desk, here's what's moving markets right now.
In the soft commodities pits, the picture is sharply divided. Sugar is the standout winner, with New York world sugar closing up nearly two percent Wednesday, hitting a sixteen and three quarter month high. Tighter global supplies are driving the bid, and London white sugar followed suit, extending gains for a second straight session.
Cocoa and coffee told a very different story. Barry Callebaut's supply data hit the cocoa market hard, sending New York cocoa down more than four and a half percent for a second consecutive down day. Arabica coffee wasn't spared either, falling nearly four percent to a five week low, with robusta sliding to a two and three quarter month low as supply pressures continue to weigh on the entire soft commodities complex.
Pulling back to the macro picture, the six month conflict in the Gulf escalated overnight as Iran fired on American allies following a night of U S strikes. Iranian state media reports civilian casualties. Oil prices have spiked throughout this conflict, and with diplomatic channels quiet, traders are watching energy markets closely for the next leg higher.
That's the tape. Markets Desk, signing off the floor.
