Sugar lost 21 cents and now trades at $20.79, following an impressive jump to $21 yesterday — a significant recent high.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 101 (previous figure was 100.2).
At the same time, United States Building Permits (Nov) came out at 1.34 million, while a consensus of analysts was expecting 1.49 million. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3 million, while the previous figure was 7.82 million. United States Housing Starts (Nov) came out at 1.43 million, while a consensus of analysts was expecting 1.4 million.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that ICE Sugar's upper Bollinger Band® is at $20.57, this is a slight indication of a slowdown. Analysis of the Sugar future's recent price action suggests Sugar broke through the $20.81 resistance, climbing 2 cents above it.
Notwithstanding ICE Sugar's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Moreover, macro data could boost sentiment further as United States Consumer Confidence is projected to outperform its last figure with 101. It previously stood at 100.2; data will be released today at 15:00 UTC.
Also worthy of note, United States Crude Oil Inventories expected to decline to -1.66 million while its preceding data was 10.23 million, data will be available today at 15:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 222,000 while previous data was 211,000; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States Existing Home Sales (Nov) is expected today at 15:00 UTC.
The past 3 months have been positive for the ICE Sugar future as it added 13.14% compared to its 3-month low of $17.4.