A quick look at yesterday: without a clear direction, Sugar closed at $18.37 per pound while ranging between $18.26 and $18.57.
The Sugar future's state is reflected by market data as United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 77,000, while the previous figure was 94,400. United States CFTC Nasdaq 100 speculative net positions came out at 1,500. Fresh CFTC Crude Oil speculative net positions data from United States came out at 251,500.
Sugar made an initial break below its 21 day Simple Moving Average at $18.36, a possible indication of a forthcoming negative trend. In contrast, Sugar is approaching key support, around 13 cents away from $18.24. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Sugar is positioned for a downward move in the near term.
While the ICE Sugar future was pretty flat yesterday, mixed performances were seen elsewhere as Coffee withdraws 1.02% yesterday and closed at $190.9.
Having set a significant high of $20.42 2 months ago, the Sugar future is trading 5.63% lower.