The Sugar future is down to $24.32 per pound, after ending yesterday at $24.74. Overall, a 1.7% loss or 42 cents today.
ICE Sugar is currently trading at $24.32 following the release of Services PMI data from the United States.
While price action maintains a negative bias, United States Services PMI released today at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) came out at -31.3, while a consensus of analysts was expecting -19.2.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average.
Despite suffering losses in today's session, technical analysis is indicating that ICE Sugar will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other Softs as Coffee goes down 1.21% to trade around $191.55.
Positive performances can be seen by looking at other Softs markets as Cocoa climbs 0.85% to trade around $2,981.
The commodity has been trending positively for about a month. ICE Sugar is now trading 0.4% below the significant high of $24.84 it set around a day ago.