While Sugar is in the midst of an 11 day up trend Now turning against its recent performance, ICE Sugar is grinding lower from $18.77 to $18.69 per pound, shedding 8 cents (0.43%) today.
Amid the market gloom, United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
Support/Resistance levels obtained from chart analysis indicate that Sugar could begin to recover as it approaches significant support, now 4 cents away from $18.65. Dipping below could be an indication that further losses are ahead.
In the meantime, negative performances are also seen in other Softs as Cocoa is down to $2,325, losing $15, after closing at $2,340 in the preceding trading session.
Though the Sugar future has been dropping, other Softs have been performing better: Cotton is up 0.36%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to decline to 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Building Permits (Sep) is expected tomorrow at 12:30 UTC.
The Sugar future has recovered 7.87% since descending to a significant low of $17.4 around 2 months ago.