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April 22, 2023
Yesterday at a glance: ICE Sugar ended yesterday at $24.32 per pound following from closing Thursday at $24.74. Overall, this represents a loss of 42 cents or 1.7%.
While price action maintains a negative bias, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions came out at 189,900.
Investors are seeking long positions as Sugar price action surged above +100 — a key CCI threshold indicating an imminent bullish trend.
Despite suffering losses in today's session, technical analysis is indicating that Sugar will undergo a significant bounce in the immediate term.
The ICE Sugar future's value drop coincided with the fact that Coffee is down to $191.55, losing $2.35, after ending the previous session around $193.9.
Though the Sugar future has been dropping, other Softs have been performing better: Cocoa climbs 0.85% yesterday and closed at $2,956.
The commodity has been trending positively for about a month. The past 3 months have been positive for the Sugar future as it added 22.84% compared to its 3-month low of $17.4.
