| 
June 21, 2023
The ICE Sugar future is down to $25.95 per pound, after ending yesterday at $26.03. Overall, a 0.31% loss or 8 cents today.
United States Fed Chair Powell testimony is next today at 14:00 UTC.
Amid the market gloom, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. Data for United States Housing Starts published yesterday at 12:30 UTC came out at 21.7%, beating projections of -0.8% and showing improvement over the preceding figure of -2.9%. United States Housing Starts (May) released yesterday at 12:30 UTC with a figure of 1.63 million, while the previous figure was 1.34 million.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Sugar's upper Bollinger Band® is at $26.25 which indicates a further downward move may follow.
Overall, while ICE Sugar has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
In the meantime, negative performances are also seen in other Softs as Cocoa closed at $3,191 (down 0.62%).
Positive performances can be seen by looking at other Softs markets as Cotton is up 1.17%.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with 1.87 million while previous data was 7.92 million; data will be released tomorrow at 15:00 UTC.
Moreover, United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Existing Home Sales (May) scheduled to come out tomorrow at 14:00 UTC.
The past 3 months have been positive for the Sugar future as it added 24.84% compared to its 3-month low of $17.4.
