The ICE Sugar future increases to $20.97 extending bullish run

The sentiment that generated 86 cents in cumulative gains over the past 5 days was further evident for the ICE Sugar future. Today's session so far looks to be heading in the same direction — after closing the previous trading day at $20.87, the Sugar future is up to $20.97 per pound, which makes for a move of 0.48%/10 cents today.

United States Fed Chair Powell testimony is next today at 15:00 UTC.

Meanwhile, data for United States Factory Orders released yesterday at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.

Japanese candlestick formations show a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal.

Meanwhile, after ending yesterday's session at $180.3, Coffee lost $1.5 and is trading around $178.8.

Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at -308,000 — worse than previous data of 1.17 million; data will be released tomorrow at 15:30 UTC.

Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Feb) is scheduled for tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) will be released tomorrow at 15:00 UTC.

8 days ago ICE Sugar reached a significant high of $22.09 but has consequently lost 5.52% since then.