Muted session threatens to disturb ICE Sugar's ongoing uptrend

While ICE Sugar is on a 6 day bullish trend, Yesterday's session put the brakes on the ongoing uptrend — ICE Sugar moves 0.08% to close at $26.37 per pound yesterday.

Uncertainty around Sugar is reflected by published market data as United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 185,300, while the previous figure was 189,900.

Trend analysis indicates that investors are seeking long positions as Sugar price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the Relative Strength Index indicates Sugar is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, the Sugar future's upper Bollinger Band® is at $26.89, suggesting that a downward move may follow.

Overall, while ICE Sugar has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Meanwhile, mixed performances are seen in other Softs as after ending yesterday's session at $188.2, Coffee lost $2.45 and is trading around $185.75. Cocoa added 0.41% and closed around $2,924 yesterday.

The commodity has been trending positively for about a month. The past 3 months have been positive for the Sugar future as it added 25.84% compared to its 3-month low of $17.4.