Slightly weaker but mostly flat: the ICE Sugar future is currently trading at $19.4 per pound as it maintains an active range between $19.36 and $19.68.
The Sugar future is currently trading at $19.4 following the release of EIA Short-Term Energy Outlook data from the United States.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Trade Balance (Oct) released today at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. United States Exports data released today at 13:30 UTC showed continuing decline to 256.6 billion from a previous figure of 258.5 billion.
With regards to technical trend indicators, chart analysis show that Sugar made an initial break below its 21 day Simple Moving Average at $19.55, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Sugar's lower Bollinger Band® is at $19, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the trading day comes to an end, chart analysis indicates Sugar could begin to recover as it approaches significant support, now 15 cents away from $19.4. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests the ICE Sugar future has no clear-cut direction.
Positive performances can be seen by looking at other Softs markets as having closed the previous session at $162.6, Coffee is up 0.86% today to currently trade at around $164.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
The Sugar future reached a significant high of $20.29 around 21 days ago but has lost 3.65% since then.