Softs traders focused on the ICE Sugar future as it powers 0.52% higher

After closing the previous trading day at $23.07, Sugar is up to $23.19 per pound, which makes for a move of 0.52%/12 cents today.

United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.

Investors are seeking long positions as Sugar price action surged above +100 — a key CCI threshold indicating an imminent bullish trend.

Overall, looking at the technical analysis landscape, it seems ICE Sugar might continue pointing upwards in the short term.

A look at other Softs also shows upside as Coffee added 1.22% to its value, now trading at $182.9. Having closed the previous session at $2,861, Cocoa is up 0.49% today to currently trade at around $2,875.

While ICE Sugar is appreciating, other Softs are comparatively not doing so well — Cotton slides down 0.41% to trade around $82.39.

Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.

The market is looking forward to the release of new data: United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC.

The commodity has been trending positively for about a month. The Sugar future reached a significant high of $23.63 around 5 days ago but has lost 2.37% since then.