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April 28, 2023
After closing the previous trading day at $25.78, ICE Sugar is up to $26.41 per pound, which makes for a move of 2.44%/63 cents today.
Uptick comes while some more positive signs for Sugar are out as United States Initial Jobless Claims beat analyst expectations of 248,000 and the previous reading of 246,000 with new data of 230,000.
On the flip side, Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%. United States GDP published yesterday at 12:30 UTC came out at 1.1, falling short of the two projections and continuing its decline from the previous 2.6 figure.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates ICE Sugar is currently 'overbought' which suggests new gains will be harder to obtain. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $26.63, thereby suggesting that the Sugar future is becoming overvalued.
Notwithstanding the ICE Sugar future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
While the ICE Sugar future is higher so far today, these Softs commodities are underperforming: Coffee is down to $188.6, losing $3, after closing at $191.6 in the preceding trading session. Cocoa closed at $2,924 (down 0.88%).
Elsewhere, United States Core PCE Price Index (MoM) (Mar) is expected today at 12:30 UTC.
The commodity has been trending positively for about a month. ICE Sugar is now trading 2.39% below the significant high of $26.41 it set around a day ago.
