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April 26, 2023
During a 3 day uptrend, the Sugar future gained a total of $1.65, or 6.37%. Bucking the trend and turning lower, the ICE Sugar future is down to $25.87 per pound, after ending yesterday at $25.97. Overall, a 0.39% loss or 10 cents today.
United States's Crude Oil Inventories new data released of -5 million below its previous figure.
Following a previous reading of -4.58 million, Crude Oil Inventories in United States released today at 14:30 UTC fell short of the -1.49 million figure expected by analysts with an actual reading of -5 million.
In contrast, positive data for the Sugar future reported earlier when highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of 0.3%.
Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.
Technical analysis trend indicators suggest that investors are seeking long positions as Sugar price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that according to technical analysis of the Sugar future's Relative Strength Index (RSI), the market is currently overbought. Asset volatility analysis shows that the Sugar future's upper Bollinger Band® is at $26.1 which indicates a further downward move may follow.
Notwithstanding the Sugar future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Though the Sugar future has been dropping, other Softs have been performing better: Coffee is up 2.84%. Having closed the previous session at $2,928, Cocoa is up 0.51% today to currently trade at around $2,943.
Looking ahead, ongoing depreciation may be prolonged as United States Pending Home Sales projected to come out at 0.5% — worse than previous data of 0.8%; data will be released tomorrow at 14:00 UTC. United States GDP projected to decline to two while previous data was 2.6; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 248,000 from the preceding figure of 245,000.
The commodity has been trending positively for about a month. Approximately a day ago, the Sugar future reached a significant high of $26.08 but has struggled to hold onto its gains and declined 0.42% since then.
