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March 01, 2023
Sugar slides down from $20.29 to $20 per pound today, losing 29 cents (1.38%).
Highly important Consumer Confidence data from United States beat analyst expectations of 108.5 with a reading of 102.9.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.20 million, while the previous figure was 9.89 million. United States Chicago PMI (Feb) came out at 43.6, while a consensus of analysts was expecting 45.
As the trading day commences, technical analysis suggests Sugar could begin to recover as it approaches significant support, now 19 cents away from $19.82. Dipping below could be an indication that further losses are ahead.
Positive performances can be seen by looking at other Softs markets as Cocoa is up 1.56%. Cotton is up 0.56%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with 457,000 while previous data was 7.65 million; data will be released today at 15:30 UTC. United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 192,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States ISM Manufacturing PMI (Feb) will be released today at 15:00 UTC.
The ICE Sugar future is now trading 8.15% below the significant high of $22.09 it set around 2 days ago.
