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July 02, 2023Friday at a glance: the ICE Sugar future moves 0.13% to close at $22.82 per pound Friday.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored.
Despite the market lacking direction, technical chart analysis strongly suggests ICE Sugar is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Softs as Cotton is down to $81.25, losing 33 cents, after ending the previous session around $81.58.
Data to be released today might clear up some of the market fog as United States ISM Manufacturing PMI (Jun) scheduled to come out tomorrow at 14:00 UTC.
The Sugar future has fallen back around 14.45% from the significant high of $26.64 set a month ago.
