Upwardly mobile Sugar extends gains by 37 cents; closes session 1.4% higher

A quick look at today: the ICE Sugar future rose 37 cents to close at $26 per pound today which makes for a move of 1.4%.

Sugar upside coincides with further encouraging market factors as data from United States concerning Retail Sales was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.4% to 0.3% this month.

Nevertheless, United States Initial Jobless Claims fell short of the 250,000 projections, with new data of 262,000.

Meanwhile, United States Philadelphia Fed Manufacturing Index (Jun) released yesterday at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.

Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Sugar's upper Bollinger Band® is at $26.24, this is a slight indication of a slowdown.

Notwithstanding the Sugar future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

While ICE Sugar is appreciating, other Softs are comparatively not doing so well — Cocoa lost 0.64% today and closed at $3,262. After ending today's session at $182.95, Coffee lost $1.55 and is trading around $181.4.

The past 3 months have been positive for the ICE Sugar future as it added 25% compared to its 3-month low of $17.4.