Tentatively higher from an earlier low of $18.48, the Sugar future is up to $18.65 per pound today, adding 18 cents, or 0.97%, to yesterday's closing price of $18.47.
- United States Non Farm Payrolls data will be released today at 12:30 UTC, with an expected decline to 200,000.
- Today's gains are adding to ICE Sugar's a 5 day bullish trend, during which it gained a total of 89 cents.
Earlier data releases related to the Sugar future – United States ISM Non-Manufacturing PMI (Oct) released yesterday at 14:00 UTC with a figure of 54.4, while the previous figure was 56.7. United States Initial Jobless Claims beat analyst expectations of 220,000 and the previous reading of 218,000 with new data of 217,000.
Technical analysis of ICE Sugar before data is released:
Sugar broke through the $18.57 resistance and climbed above it 8 cents; next resistance level is at $18.68. Sugar made an initial breakout above its 200 day Simple Moving Average at $18.61, a potential indicator of a newly emerging bullish phase.
Overall, looking at the technical analysis landscape, it seems the Sugar future might continue pointing upwards in the short term.
Coming up for the Sugar future — today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 263,000. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released today at 12:30 UTC.
As the markets get ready for more data to be released — Cotton surges 5% to trade around $87.13. Coffee rises 2.67% to trade around $176.8. Cocoa moves up 0.8% to trade around $2,391.
The Sugar future hit a significant low of $17.4 around 3 months ago, but has since recovered 6.15%.