Bearish Sugar currently 4 cents lower after trading as high as $25.43

The Sugar future is down to $25.28 per pound, after ending yesterday at $25.32. Overall, a 0.16% loss or 4 cents today.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that the ICE Sugar future's upper Bollinger Band® is at $25.64 which indicates a further downward move may follow.

Overall, the technical outlook suggests ICE Sugar is likely to remain muted for the immediate future, with no clear-cut direction.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of -0.1%. New data is set to be published tomorrow at 12:30 UTC.

In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.

Furthermore, United States Building Permits is expected today at 13:30 UTC.

The commodity has been trending positively for about a month. The past 3 months have been positive for ICE Sugar as it added 27.11% compared to its 3-month low of $17.4.