Sugar posts light gains on a low-volatility day, ranging between $19.52 – $19.64 and is now at $19.64 per pound.
United States ISM Non-Manufacturing PMI (Nov) is next today at 15:00 UTC.
Sugar made an initial breakout above its 21 day Simple Moving Average at $19.5, a potential indicator of a newly emerging bullish phase. Despite this, ICE Sugar is 2 cents away from testing key resistance at $19.66. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems ICE Sugar might continue pointing upwards in the short term.
A look at other Softs also shows upside as Cotton ascends 0.76% to trade around $83.83.
Also worthy of note, United States ISM Non-Manufacturing PMI (Nov) will be released today at 15:00 UTC. United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 17:00 UTC.
Sugar is now trading 4% below the significant high of $20.29 it set around 20 days ago.