While the Sugar future in the midst of a 3 day downtrend Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. ICE Sugar posts light gains on a low-volatility day, ranging between $19.59 – $19.89 and is now at $19.84 per pound.
United States Existing Home Sales (Oct) is next today at 15:00 UTC.
The ICE Sugar future upside coincides with further encouraging market factors as highly important Initial Jobless Claims data from United States beat analyst expectations of 225,000 with a reading of 222,000.
At the same time, United States Philadelphia Fed Manufacturing Index (Nov) released yesterday at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7. United States Building Permits (Oct) came out at 1.53 million, while a consensus of analysts was expecting 1.51 million.
Chart analysis suggests Sugar is 22 cents away from testing key resistance at $20.06. Peaking above this level could inspire market bulls and open the path to further gains.
This rally in the ICE Sugar future's price coincides with other Softs as Cocoa is up 0.41%.
Meanwhile, Cotton closed at $85 (down 2.34%).
Elsewhere, United States Existing Home Sales (Oct) is expected today at 15:00 UTC.
Having set a significant high of $20.42 3 months ago, Sugar is trading 13.39% lower.