Commodity traders stay bullish as the Sugar future adds 19 cents or 0.85%

After closing the previous trading day at $22.25, Sugar is up to $22.44 per pound, which makes for a move of 0.85%/19 cents today.

Sugar is currently trading at $22.44 following the release of ISM Manufacturing PMI (Mar) data from the United States.

At the same time, United States ISM Manufacturing PMI (Mar) released today at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7. United States ISM Manufacturing Employment (Mar) came out at 46.9, while a consensus of analysts was expecting 50. Fresh ISM Manufacturing Prices (Mar) data from United States came out at 49.2.

The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. ICE Sugar has just crossed its upper Bollinger Band® at $22.2, suggesting further gains could be on the cards.

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

This rally in ICE Sugar's price coincides with other Softs as having closed the previous session at $169.7, Coffee is up 3.57% today to currently trade at around $175.75.

While the ICE Sugar future is appreciating, other Softs are comparatively not doing so well — Cocoa is trading around $2,859 (down $74). Cotton is down to $82.31, losing 47 cents, after closing at $82.78 in the preceding trading session.

Also worthy of note, United States JOLTs Job Openings (Feb) is expected tomorrow at 14:00 UTC.

The commodity has been trending positively for about a month.