Sugar drops from $19.33 to $19.29 per pound, losing 4 cents (0.21%) today.
Sugar made an initial break below its 21 day Simple Moving Average at $19.14, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $19.25 currently serving as support. If price action breaks below, the next Fib hurdle is $18.93. In contrast, the Sugar future could begin to recover as it approaches significant support, now 15 cents away from $19.14. Dipping below could be an indication that further losses are ahead.
In the short term, the ICE Sugar future is expected to maintain its recent downtrend and continue spiralling lower.
Taking a look at other Softs commodities, negative performances are evident as Cotton stumbles 2.53% to trade around $79.28. After ending Friday's session at $163.55, Coffee lost $2.7 and is trading around $160.85.
Positive performances can be seen by looking at other Softs markets as Cocoa rises 2.05% to trade around $2,487.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Consumer Confidence projected to come out at 100 — worse than previous data of 102.5; data will be released tomorrow at 15:00 UTC.
13 days ago Sugar reached a significant high of $20.29 but has consequently lost 4.73% since then.