Most-active Mar-24 #11 world raw sugar traded sideways in the second half of October, closing Oct. 30 below its 20-day average but settling Nov. 3 at 27.77 cents, a contract high. May-24 #11 closed Nov. 3 at a contract high of 26.40. For both contracts, RSI and MACD are neutral, and the stochastic grew more bullish.
The dollar index tested its upper Bollinger Band midweek but slid in the last two sessions to close Nov. 3 below the lower Bollinger Band at a six-week low, supportive of dollar-denominated futures. Light crude settled Nov. 1 at $80.45, a three-month low, and closed Nov. 3 just 7 cents above that level.
Nearby #5 world white sugar continued its one-month bullish trend, closing Nov. 3 at a record high of $757.60, approaching but holding below its upper Bollinger Band. RSI is neutral, MACD is modestly bullish, and the stochastic grew more bullish.
Jan-24 #16 domestic raw sugar broke resistance below 45.00 cents, rebounding from a two-week low Oct. 30 at 44.50 to a record of 45.50 Nov. 3, straddling psychological resistance and above its upper Bollinger Band. RSI is slightly bearish, MACD is neutral, and the stochastic is bullish but overbought.
The full version of this commentary appeared on our IQ platform Nov. 3, 2023. Further information, statistics, and pricing for the sugar market are available to IQ subscribers.Learn more about becoming a subscriber.
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