ICE Sugar reached $19.43, breaking a 3 months record. Later, it lost 14 cents and is now trading at $19.29.
New United States Crude Oil Inventories improved upon the previous -3.12 million figure while also exceeding analyst expectations with a reading of 3.92 million.
This move comes while some more positive signs for ICE Sugar are out as United States Crude Oil Inventories beat analyst expectations of 1.36 million and the previous reading of -3.12 million with new data of 3.92 million.
Meanwhile, United States 10-Year Note Auction released today at 18:00 UTC with a figure of 4.14, while the previous figure was 3.93. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of -923,000, while the previous figure was 1.27 million.
Technical analysis trend indicators suggest that investors are seeking long positions as Sugar price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, ICE Sugar's upper Bollinger Band® is at $19.31, this is a slight indication of a slowdown. Following today's trading session, chart analysis suggests Sugar broke through the $19.16 resistance and climbed above it 13 cents; next resistance level is at $19.31.
Overall, while ICE Sugar has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in Sugar's price coincides with other Softs as Cotton climbs 0.57% to trade around $86.23.
Though the ICE Sugar future is going up, other Softs are underperforming — Coffee is down to $162.5, losing $1.65, after closing at $164.15 in the preceding trading session.
Also worthy of note, as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 220,000, following on from the preceding figure of 217,000. New data is set to be published tomorrow at 13:30 UTC.
The market is looking forward to the release of new data: United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.5%. It previously stood at 0.6%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC.
3 months ago, the Sugar future fell to a low of $17.4 but has since recovered 9.2%.