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June 26, 2023
The Sugar future has been losing ground for 4 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $24.29, ICE Sugar is up to $24.4 per pound, which makes for a move of 0.45%/11 cents today.
Sugar's lower Bollinger Band® is at $23.93, indicating that the market is oversold and fertile for new buyers.
Examining the technical analysis landscape, the Sugar future might continue its downtrend in the short term.
Meanwhile, Cotton is down to $79.39, losing 44 cents, after closing at $79.83 in the preceding trading session.
Moreover, macro data could boost sentiment further as United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released tomorrow at 14:00 UTC.
Also worthy of note, United States Building Permits is expected tomorrow at 12:00 UTC. United States New Home Sales (May) is expected tomorrow at 14:00 UTC.
A month ago the ICE Sugar future reached a significant high of $26.64 but has consequently lost 8.82% since then.
