The ICE Sugar future is now trading at $17.86 per pound after tracing out a steady $17.85 – $18.11 range today.
This uncertain state for ICE Sugar is reflected by published market data as United States Crude Oil Inventories came out at 2.59 million, better than analyst estimates of 1 million and improving upon the previous reading of -1.73 million. United States New Home Sales (Sep) came out at 603,000, while a consensus of analysts was expecting 585,000. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.192, while the previous figure was 4.228.
Sugar is approaching key support, around 2 cents away from $17.84. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. The ICE Sugar future's upper Bollinger Band® is at $19.17 and the lower is $17.55.
Despite muted price action in the Sugar future, chart analysis indicates it is positioned for a bullish run in the short term.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released today at 12:30 UTC. Tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to -5% from the preceding figure of -2%. United States Core Durable Goods Orders projected to decline to 0.2% while previous data was 0.3%; data will be released today at 12:30 UTC.
The Sugar future is now trading 12.54% below the significant high of $20.42 it set around 11 months ago.