Early October three-session rallies for world sugar futures
Benchmark Mar-24 #11 world raw sugar settled at 26.74 cents Oct. 6 after a three-session rally, straddling the 20-day moving average. The contract returned to its late-September range but remains below its recent record highs. RSI is neutral, MACD was slightly less bearish, and the stochastic grew more bullish. With similar technicals, May-24 #11 also rallied in recent sessions to close Oct. 6. at 25.45.
The dollar index corrected in recent sessions following its recent ten-month high, coinciding with the rally for world sugar futures. Dollar strength should still support Brazil’s sugar production and exports, a key origin with southeast Asian new crops expected smaller.
Dec-23 #5 world white sugar rebounded in recent sessions, closing at $709.20, below retracement resistance above $710.00 and $710.55. RSI is neutral; MACD grew less bearish; the stochastic was slightly more bullish Oct. 6.
Jan-24 #16 domestic raw sugar fell earlier in the week to close Oct. 3 at 43.76 but rebounded later to close Oct. 6 at 44.24, a fresh contract high. RSI is bearish; MACD is neutral. The stochastic is modestly bullish but in overbought territory.
The full version of this commentary appeared on our IQ platform Oct. 6, 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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