ICE Sugar is down to $19.95 per pound, after ending yesterday at $20. Overall, a 0.3% loss or 5 cents today.
Following a previous reading of 183,000, Initial Jobless Claims in United States released yesterday at 13:30 UTC fell short of the 190,000 figure expected by analysts with an actual reading of 196,000.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Overall, looking at the technical analysis landscape, it seems Sugar is likely to start pointing downward in the short term.
In the meantime, negative performances are also seen in other Softs as Cocoa is down to $2,537, losing $81, after closing at $2,618 in the preceding trading session. Cotton is down to $85.33, losing 61 cents, after closing at $85.94 in the preceding trading session.
Though the ICE Sugar future has been dropping, other Softs have been performing better: Coffee goes up 0.66% to trade around $174.85.
ICE Sugar is now trading 8.04% below the significant high of $21.76 it set around 10 days ago.