After closing the previous trading day at $23.68, the ICE Sugar future is up to $23.79 per pound, which makes for a move of 0.46%/11 cents today.
United States Core Consumer Prices is next today at 12:30 UTC.
Meanwhile, United States API Weekly Crude Oil Stock came out at 377,000, while a consensus of analysts was expecting -1.3 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $24.09, thereby suggesting that the ICE Sugar future is becoming overvalued.
Overall, the technical outlook suggests the ICE Sugar future is likely to remain muted for the immediate future, with no clear-cut direction.
At the same time, Cotton is down 54 cents from the beginning of the session and now trades around $82.37. Coffee closed at $187.05 (down 0.74%).
Moreover, macro data could boost sentiment further as United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -583,000. It previously stood at -3.74 million; data will be released today at 14:30 UTC.
Also worthy of note, United States Consumer Price Index is expected today at 12:30 UTC.
The commodity has been trending positively for about a month. The past 3 months have been positive for ICE Sugar as it added 20.63% compared to its 3-month low of $17.4.