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June 27, 2023
While on a 5 day downtrend, dropping a total of 11.14%, More of the same today: the Sugar future is down to $23.14 per pound, after ending yesterday at $23.66. Overall, a 2.2% loss or 52 cents today.
United States Core Durable Goods Orders data will be released today at 12:30 UTC, with an expected improvement to -0.1%. Sugar reaction to indicator information will follow.
While price action maintains a negative bias, United States Building Permits came out at 1.50 million, while a consensus of analysts was expecting 1.49 million. United States Building Permits released today at 11:45 UTC with a figure of 5.6%, while the previous figure was -1.4%. United States 2-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.
Concerning technical analysis and more specifically, trend indicators, 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $23.43, a low enough level to, generally, suggest that Sugar is trading below its fair value.
All in all, the technical analysis suggests Sugar has no clear-cut direction.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million. It previously stood at -3.83 million; data will be released tomorrow at 14:30 UTC. United States Core Durable Goods Orders is projected to outperform its last figure with -0.1%. It previously stood at -0.2%; data will be released today at 12:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released today at 14:00 UTC.
Having set a significant high of $26.64 a month ago, Sugar is trading 11.19% lower.
