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June 13, 2023The Sugar future is down to $24.75 per pound, after ending today at $25.15. Overall, a 1.59% loss or 40 cents today.
Meanwhile, United States Consumer Price Index released today 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 4%, while a consensus of analysts was expecting 4.1%. United States Core Consumer Prices released today at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
Japanese candlestick formations show 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Taking a look at other Softs commodities, negative performances are evident as after ending today's session at $181.5, Coffee lost $3.2 and is trading around $178.3.
Though the ICE Sugar future has been dropping, other Softs have been performing better: Cocoa gained 1.79% and is now trading at $3,186.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Producer Price Index are set for a continuation of decline with -0.1% while previous data was 0.2%; data will be released tomorrow at 12:30 UTC.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at 5.25; data will be released tomorrow at 18:00 UTC.
The past 3 months have been positive for ICE Sugar as it added 20.11% compared to its 3-month low of $17.4.
