After closing the previous trading day at $23.94, the Sugar future is up to $24 per pound, which makes for a move of 0.29%/6 cents today.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected decline to -1 million.
Meanwhile, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. United States Housing Starts published yesterday at 12:30 UTC came out at -0.8%, falling short of the 0.4% projections and continuing its decline from the previous 7.3% figure.
Investors are seeking long positions as Sugar price action surged above +100 — a key CCI threshold indicating an imminent bullish trend.
Overall, looking at the technical analysis landscape, it seems ICE Sugar might continue pointing upwards in the short term.
At the same time, Coffee stumbles 2.17% to trade around $198.65.
Also worthy of note, United States Crude Oil Inventories expected to decline to -1 million while its preceding data was 597,000, data will be available today at 14:30 UTC.
Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is expected tomorrow at 14:00 UTC.
The commodity has been trending positively for about a month. The past 3 months have been positive for ICE Sugar as it added 20.54% compared to its 3-month low of $17.4.