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May 31, 2023
While the ICE Sugar future is in the midst of a 3 day up trend, Now turning against its recent performance, Sugar is down to $25.28 per pound, after ending yesterday at $25.33. Overall, a 0.2% loss or 5 cents today.
United States JOLTs Job Openings (Apr) is next today at 14:00 UTC.
On the flip side, data for United States Consumer Confidence released yesterday at 14:00 UTC is better than expected with 102.3, but worse than previous figure of 103.7.
Amid the market gloom, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) came out at -1.1, while a consensus of analysts was expecting -1.6.
Bollinger Bands® shows an indication of recovery: the lower band is at $24.91, a low enough level to, generally, suggest that Sugar is trading below its fair value. In contrast, 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end.
Overall, looking at the technical analysis landscape, it seems the Sugar future might start pointing upward in the short term.
Taking a look at other Softs commodities, negative performances are evident as Coffee closed at $177.15 (down 2.45%).
Though the Sugar future has been dropping, other Softs have been performing better: Cocoa is up 0.64% to $3,010.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 229,000.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.
Furthermore, United States ADP Nonfarm Employment Change (May) scheduled to come out tomorrow at 12:15 UTC.
The ICE Sugar future has fallen back around 4.92% from the significant high of $26.64 set 21 days ago.
