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March 04, 2023
Yesterday at a glance: the Sugar future ended Thursday at $20.31. yesterday it went up to $21.04 only to drop back, yet still managed to close at $20.93 per pound.
Meanwhile, United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 128,800, while the previous figure was 160,300.
Sugar made an initial breakout above its 50 day Simple Moving Average at $20.38, a potential indicator of a newly emerging bullish phase. Crossed the $20.89 Fibonacci level, next level is at $21.17. Despite this, although ICE Sugar is appreciating today after rising as high as $21.04, price action is now slowing and consolidating around 28 cents below the $21.21 resistance level.
Overall, looking at the technical analysis landscape, it seems the ICE Sugar future might continue pointing upwards in the short term.
Rallies can also be seen in other Softs, Cotton rises 0.56% yesterday and closed at $83.71.
At the same time, after ending yesterday's session at $182.2, Coffee lost $4 and is trading around $178.2. After ending yesterday's session at $2,790, Cocoa lost $30 and is trading around $2,760.
Having soared to a high of $22.09 approximately 5 days ago, ICE Sugar is now trading 8.06% lower.
