After closing the previous trading day at $19.9, Sugar is up to $20.39 per pound, which makes for a move of 2.46%/49 cents today.
United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.
Uptick comes while some more positive signs for the ICE Sugar future are out as highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million. United States Initial Jobless Claims came out at 192,000, better than analyst estimates of 200,000 and improving upon the previous reading of 195,000.
On the flip side, United States GDP published yesterday at 13:30 UTC came out at 2.7, falling short of the 2.9 projections and continuing its decline from the previous 3.2 figure.
Japanese candlestick formations show a "hanging man” chart pattern. When appearing at the top of a bullish trend, it is typically considered to be an indication of a trend reversal.
Meanwhile, Coffee is trading around $190.15 (down $9.35). Cotton closed at $82.11 (down 0.36%).
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Jan) will be released today at 13:30 UTC. United States New Home Sales (Jan) scheduled to come out today at 15:00 UTC.
ICE Sugar is now trading 8.55% below the significant high of $21.76 it set around 24 days ago.