Sugar gets off to a weak start; down 1.48% this morning to $23.33 per pound

ICE Sugar is down to $23.33 per pound, after ending yesterday at $23.68. Overall, a 1.48% loss or 35 cents today.

Nonetheless, encouraging indicators for the ICE Sugar future published earlier when data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 597,000, beating projections of -583,000 and showing improvement over the preceding figure of -3.74 million.

Amid the market gloom, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.

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 the Sugar future might start pointing upward in the short term.

Taking a look at other Softs commodities, negative performances are evident as Cocoa is down to $2,867, losing $36, after closing at $2,903 in the preceding trading session. Cotton closed at $82.37 (down 0.65%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%. United States Initial Jobless Claims projected to decline to 232,000 while previous data was 228,000; data will be released today at 12:30 UTC.

Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.

The commodity has been trending positively for about a month. Sugar now trading 18.76% above its 3-month low of $17.4.