After reaching a high of 27.69 cents on Sep. 19, most-active Mar-24 #11 world raw sugar trended lower, testing resistance earlier in the week of Sep. 25 near 26.20, rebounding above the 20-day average Sep. 28 before settling Sep. 29 at 26.48. RSI is neutral, MACD is bearish, and the stochastic remains marginally bearish after rejecting a crossover attempt. 

Nearby Oct-23 #11 corrected further during the week of Sep. 25 after Sep. 22’s close at 26.97 cents, testing support around 26.00 before closing Sep. 29 at 26.27. RSI is neutral, MACD moderately bearish, and the stochastic is neutral. 

Dec-23 #5 world white sugar traded lower over the last week following its Sep. 19 record high at $740.00, breaching the 20-day moving average on Sep. 25 and testing its lower Bollinger on Sep. 28 and Sep. 29, closing the week at a one-month low of 705.90. RSI is neutral, and MACD is bearish; the stochastic grew slightly more bearish. 

Jan-24 #16 domestic raw sugar traded above 44.00 most of the week of Sep. 25, settling Sep. 29 unchanged at 44.15 cents, one cent below its Sep. 27 contract high. RSI is strongly bearish, MACD is nominally bullish, and the stochastic remains well overbought. 

The full version of this commentary appeared on our IQ platform Sep. 29, 2023. Further information, statistics, and pricing for the sugar market are available to IQ subscribers. Learn more about becoming a subscriber.


Source: 123rf.com
Posted by: Information Services
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