After closing the previous trading day at $20.11, Sugar is up to $20.85 per pound, which makes for a move of 3.68%/74 cents today.
Sugar is currently trading at $20.85 following the release of New Home Sales (Dec) data from the United States.
Uptick comes while some more positive signs for Sugar are out as United States Core Durable Goods Orders released today at 13:30 UTC is better than expected at -0.1% but down from preceding data of 0.1% according to new data. Data for United States GDP released today at 13:30 UTC is better than expected with 2.9, but worse than previous figure of 3.2.
At the same time, United States New Home Sales (Dec) released today at 15:00 UTC with a figure of 616,000, while the previous figure was 602,000.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. The ICE Sugar future has just crossed its upper Bollinger Band® at $20.59, suggesting further gains could be on the cards.
Overall, looking at the technical analysis landscape, it seems the Sugar future might continue pointing upwards in the short term.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with -0.9%, having previously been at -4%. The figure will be published tomorrow at 15:00 UTC.
Also worthy of note, United States Core PCE Price Index (MoM) (Dec) is expected tomorrow at 13:30 UTC.
Having soared to a high of $21 approximately a month ago, ICE Sugar is now trading 4.15% lower.