Nearby Oct-23 #11 world raw sugar settled Sep. 19 at a record of 27.44 but retraced Sep. 20, rebounding modestly Sep. 21. On Sep. 22, the contract closed just below the previous Friday’s close of 26.98. Trading in a similar channel from about 27.00 to 28.0 cents, most-active Mar-24 #11 settled up Sep. 22 at 27.28. For both contracts, RSI is bearish, MACD is neutral, and the stochastic seems to be confirming a bearish crossover. 

Dec-23 #5 world white sugar closed Sep. 19 at a fresh high of $740.00, retracing later in the week to short-term psychological and technical support above $725.00 before closing Sep. 22 at $730.80. RSI is modestly bearish, and the stochastic is moderately bearish. 

Nearby Nov-23 #16 domestic raw closed Sep. 22 unchanged at 43.30 cents. RSI is bearish, MACD grew significantly less bullish, and the stochastic is bearish and overbought. Jan-24 #16 kept to its bullish trend, rising most of the week to settle Sep. 22 at a fresh high of 44.00. RSI is bearish, MACD grew slightly more bullish, and the stochastic is overbought. 

The full version of this commentary appeared on our IQ platform Sep. 22, 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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