Sugar Prices Near 5 Month Highs

19 Mar in Blog, commodity trading, futures broker, sugar futures

 Sugar Futures--- Sugar futures were up 27 points to close at 25.66 bumping right at five month highs in heavy volume in New York today. Three weeks ago sugar futures for the May delivery traded as high as 25.87 and after today's 30 point rally is now only 21 points from breaking to new five month highs and after that the next resistance is 26.50 and remember last year sugar prices were in the low 30’s at one point. In my opinion I believe sugar prices are headed higher because of the fact that it is used as a bio diesel and when unleaded gasoline continues to hit contract highs it could lift sugar. If you look at the chart for the may sugar there is excellent support around 22.50 when it traded there in December and January and is slowly grinding higher throughout this year, however it has picked up volatility in the last month so some traders might want to look at options versus the futures if they don't like the day today swings. If you have any questions on how to invest in sugar futures or options please call Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.

 

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