ICE Sugar showing signs of possible reversal, up to $26.18 (9 cents)

While Sugar in the midst of a 3 day downtrend, 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 $26.09, the Sugar future is up to $26.18 per pound, which makes for a move of 0.34%/9 cents today.

United States Core Consumer Prices is next today at 12:30 UTC.

At the same time, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.62 million, while the previous figure was -3.94 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.

This rally in the ICE Sugar future's price coincides with other Softs as Cocoa is up 1.62%. Having closed the previous session at $183.95, Coffee is up 1.49% today to currently trade at around $186.7.

Moreover, macro data could boost sentiment further as United States Producer Price Index is projected to outperform its last figure with 0.3%, having previously been at -0.5%. The figure will be published tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000. It previously stood at -1.28 million; data will be released today at 14:30 UTC.

The market is looking forward to the release of new data: United States Consumer Price Index is expected today at 12:30 UTC.

Approximately 5 days ago, the Sugar future reached a significant high of $26.44 but has struggled to hold onto its gains and declined 1.32% since then.