During a 3 day uptrend, Sugar gained a total of $1.65, or 6.54%. Now turning against its recent performance, ICE Sugar is down to $25.91 per pound, after ending yesterday at $25.97. Overall, a 0.23% loss or 6 cents today.
New United States Core Durable Goods Orders improved upon the previous -0.3% figure while also exceeding analyst expectations with a reading of 0.3%.
Following a previous reading of 104, Consumer Confidence in United States released yesterday at 14:00 UTC fell short of the 104 figure expected by analysts with an actual reading of 101.3.
On the flip side, data for United States Core Durable Goods Orders published today at 12:30 UTC came out at 0.3%, beating projections of -0.2% and showing improvement over the preceding figure of -0.3%.
While price action maintains a negative bias, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.
Trend-following investors would be interested to note that investors are seeking long positions as Sugar price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the Relative Strength Index indicates Sugar is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, the ICE Sugar future's upper Bollinger Band® is at $26.11 which indicates a further downward move may follow.
Overall, while Sugar has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Though ICE Sugar has been dropping, other Softs have been performing better: Cotton is up 0.59%.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%. As things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of two, following on from the preceding figure of 2.6. New data is set to be published tomorrow at 12:30 UTC.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million, having previously been at -4.58 million. The figure will be published today at 14:30 UTC.
The commodity has been trending positively for about a month. Having set a significant high of $26.08 a day ago, Sugar is trading 0.42% lower.