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April 23, 2023
A quick look at Friday: the ICE Sugar future slumps 1.7% to close at $24.32 per pound Friday.
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.
ICE Sugar's value drop coincided with the fact that Coffee retreats 1.21% Friday and closed at $193.9.
Though ICE Sugar has been dropping, other Softs have been performing better: Cocoa is trading around $2,981 after ending Friday's session at $2,956 (up 0.85% today).
The commodity has been trending positively for about a month. ICE Sugar now trading 22.96% above its 3-month low of $17.4.
