ICE Sugar set for strong finish today; up 2.34% to $25.41 per pound

After closing the previous trading day at $24.83, the Sugar future is up to $25.41 per pound, which makes for a move of 2.34%/58 cents today.

ICE Sugar is currently trading at $25.41 following the release of Core PCE Price Index (MoM) (Apr) data from the United States.

On the flip side, highly important Core Durable Goods Orders data from United States beat analyst expectations of 0% with a reading of -0.2%. United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts.

Meanwhile, United States Core PCE Price Index (MoM) (Apr) released today at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, ICE Sugar's lower Bollinger Band® is at $24.9, indicating that the market is oversold and fertile for new buyers.

All in all, the technical analysis suggests Sugar has no clear-cut direction.

This rally in Sugar's price coincides with other Softs as Cotton is up 3.64% to $83.04.

While the Sugar future is higher so far today, these Softs commodities are underperforming: after ending yesterday's session at $182.7, Coffee lost $1.85 and is trading around $180.85. Cocoa closed at $3,000 (down 0.56%).

Having soared to a high of $26.64 approximately 16 days ago, Sugar is now trading 6.79% lower.