ICE Sugar is down to $20.3 per pound, after ending yesterday at $20.44. Overall, a 0.68% loss or 14 cents today.
United States ADP Nonfarm Employment Change (Jan) is next today at 13:15 UTC.
Highly important Consumer Confidence data from United States beat analyst expectations of 109 with a reading of 107.1.
Amid the market gloom, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.33 million, while the previous figure was 3.38 million. United States Chicago PMI (Jan) came out at 44.3, while a consensus of analysts was expecting 45.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average.
Despite suffering losses in today's session, technical analysis is indicating that ICE Sugar will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other Softs as Cocoa goes down 1.3% to trade around $2,577. Cotton is down 43 cents from the beginning of the session and now trades around $86.52.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories expected to decline to 376,000 while its preceding data was 533,000, data will be available today at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Jan) scheduled to come out today at 13:15 UTC. United States Interest Rate is expected today at 19:00 UTC.
Approximately 2 days ago, the ICE Sugar future reached a significant high of $21.21 but has struggled to hold onto its gains and declined 3.63% since then.