Commodity traders stay bullish as ICE Sugar adds 66 cents or 2.93%

Today at a glance: the Sugar future rose 66 cents to close at $23.21 per pound today which makes for a move of 2.93%.

Nevertheless, highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 228,000. United States Crude Oil Inventories improved upon its previous reading of -7.49 million with a new data release of -3.74 million.

At the same time, United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1.

Investors are seeking long positions as Sugar price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. ICE Sugar has crossed the upper Bollinger Band® at $23.19, a potential sign that further gains are to follow.

Overall, looking at the technical analysis landscape, it seems the ICE Sugar future might continue pointing upwards in the short term.

A look at other Softs also shows upside as Cotton is trading around $83.23 after ending today's session at $81.07 (up 2.66% today). Coffee ascends 1.84% today and closed at $179.

Though the ICE Sugar future is going up, other Softs are underperforming — Cocoa is down to $2,862, losing $15, after ending the previous session around $2,877.

Also worthy of note, as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 239,000, following on from the preceding figure of 311,000. New data is set to be published tomorrow at 12:30 UTC.

The market is looking forward to the release of new data: United States Unemployment Rate is expected tomorrow at 12:30 UTC.

The commodity has been trending positively for about a month. The ICE Sugar future now trading 16.6% above its 3-month low of $17.4.