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June 01, 2023
The ICE Sugar future has been losing ground for 3 days, shedding a total of 3.15% of its value. More of the same today: ICE Sugar is down to $24.61 per pound, after ending yesterday at $24.74. Overall, a 0.53% loss or 13 cents today.
New United States Crude Oil Inventories improved upon the previous -12.46 million figure while also exceeding analyst expectations with a reading of 4.49 million.
On the flip side, data for United States Crude Oil Inventories published today at 15:00 UTC came out at 4.49 million, beating projections of -1.10 million and showing improvement over the preceding figure of -12.46 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 232,000.
While price action maintains a negative bias, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. The Sugar future has just crossed the lower Bollinger Band® at $24.74, indicating further losses could be forthcoming.
In the short term, ICE Sugar is expected to maintain its recent downtrend and continue spiralling lower.
Positive performances can be seen by looking at other Softs markets as Coffee is up 2.94%. Cotton is up 3.65%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000. United States Average Hourly Earnings expected to decline to 0.4% while its preceding data was 0.5%, data will be available tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.5 from the preceding figure of 3.4.
Having soared to a high of $26.64 approximately 22 days ago, the ICE Sugar future is now trading 7.13% lower.
