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March 09, 2023
ICE Sugar is on a 7 day uptrend — Bucking the trend and turning lower, the Sugar future is down to $20.88 per pound, after ending yesterday at $21. Overall, a 0.67% loss or 12 cents today.
Crude Oil Inventories in United States fell short of market expectations (395,000) with a reading of -1.69 million, continuing the decline from the previous figure of 1.17 million.
Meanwhile, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.
Japanese candlestick formations show a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal.
Taking a look at other Softs commodities, negative performances are evident as Coffee drops 3.23% to trade around $176.65. Cocoa closed at $2,731 (down 0.91%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000. United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 190,000, data will be available today at 13:30 UTC.
Furthermore, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.
Over the past 10 days, ICE Sugar has retreated 4.84% from a noteworthy peak of $22.09.
