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June 04, 2023
A quick look at Friday: the Sugar future moves 0.04% to close at $24.74 per pound Friday.
With regards to technical trend indicators, chart analysis show that 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. Analysis based on the asset volatility indicates that ICE Sugar's upper Bollinger Band® is at $26.81 and the lower is $24.45.
Overall, the technical outlook suggests ICE Sugar is likely to remain muted for the immediate future, with no clear-cut direction.
Data to be released today might clear up some of the market fog as United States ISM Non-Manufacturing PMI (May) is expected tomorrow at 14:00 UTC. United States Services PMI figure is projected at 55.1. It previously stood at 55.1; data will be released tomorrow at 13:45 UTC.
Having set a significant high of $26.64 25 days ago, ICE Sugar is trading 7.17% lower.
