Sugar climbs to $22.84 ahead of United States ISM Manufacturing PMI (Jun)

The Sugar future today at a glance: after closing the previous trading day at $22.79, Sugar is up to $22.84 per pound, which makes for a move of 0.22%/5 cents today. United States ISM Manufacturing PMI (Jun) is next today at 14:00 UTC.

Technical analysis of the Sugar future before macro data is released:

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.

Overall, looking at the technical analysis landscape, it seems ICE Sugar is likely to reverse course and start pointing down in the short term.

As the markets get ready for more data to be released — Cocoa closed at $3,315 (down 1.13%). Coffee gained 1.42% and is now trading at $161.25. Cotton is up 1.19%.

Coming up for the Sugar future — United States ISM Manufacturing PMI (Jun) is scheduled for today at 14:00 UTC.

The ICE Sugar future is now trading 14.45% below the significant high of $26.64 it set around a month ago.