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May 13, 2023While ICE Sugar was in the midst of a 3 day downtrend— in which it lost a total of 1.65%— A possible reversal detected from yesterday; the ICE Sugar future rises 0.69% to close at $26.2 per pound yesterday.
At the same time, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. United States CFTC Gold speculative net positions came out at 195,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 21,400, while the previous figure was 13,300.
Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
This rally in ICE Sugar's price coincides with other Softs as Cotton went up by 0.93% yesterday, and closed at $80.36.
While Sugar is higher so far today, these Softs commodities are underperforming: after ending yesterday's session at $3,003, Cocoa lost $26 and is trading around $2,977.
Sugar is now trading 2.33% below the significant high of $26.64 it set around 3 days ago.
