Most-active Oct-23 #11 world raw sugar rallied in the last four sessions after finding short-term retracement support (and the 20-day moving average) on Jul. 18. The contract settled Jul. 21 at a one-month high of 25.01 cents, straddling the upper Bollinger Band after breaking resistance near 24.75.  

Mar-24 #11 settled Jul.21 at 25.09, also closed straddling its upper Bollinger Band. For both Oct-23 and Mar-24 world sugar contracts, RSI is neutral, and MACD is strongly bullish. Their stochastic is bullish but in overbought territory. 

Oct-23 #5 world white sugar rallied from Jul. 19 to Jul. 21, closing the week at a two-month high of $701.60, just above its upper Bollinger Band. RSI is neutral, MACD is bullish, and the stochastic is overbought. 

Nov-23 #16 domestic raw sugar settled Jul. 21 at 39.89 cents, below its 20- and 100-day moving averages; Jan-24 settled at 40.92 cents. Technicals are mostly bullish. 

The dollar index reached a 15-month low Jul. 17 but rebounded modestly to close Jul. 21 at an eight-session high. Crude is trading sideways near three-month highs. 

The full version of this commentary appeared on our IQ platform Jul. 21, 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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