Sugar Prices Hit New Contract Highs

16 Sep in Blog, Cocoa futures, coffee futures trading, commodity consultation, commodity trading, cotton futures, lumber futures, Michael Seery, milk futures, orange juice futures, Seery, sugar futures

Sugar Futures--- Sugar futures in the October contract settled last Friday in New York at 19.99 while currently trading at 21.28 up about 130 points for the trading week & up 80 points this Friday afternoon breaking out of a 2 month consolidation hitting a fresh contract high as I have been sitting on the sidelines in this market for quite some time, however the trend clearly has turned to the upside in my opinion.

The problem with this market is the chart structure is poor at the 10 day low stands at 19.60 which is about 170 points away or $1,900 per contract plus slippage and commission which is too high in my opinion for this commodity, so I will be patient and wait for a price pullback before entering. Sugar prices are trading above their 20 and 100 day moving average telling you that the short-term trend is higher as prices have been consolidating for quite some time and now have broken out as I’m certainly not recommending any type of short position as that would be countertrend trading which is very dangerous over the long haul so I will wait for some type of price pull back there for lowering monetary risk.

This has been an impressive rally especially due to the fact that the U.S dollar is up 50 points which is a negative influence on commodity prices, but fundamentally speaking sugar has huge demand as worldwide production numbers have been falling as the funds now are pushing this market to new highs. TREND: HIGHER –CHART STRUCTURE: POOR

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