I Remain Bullish Sugar Prices

I Remain Bullish Sugar Prices
I Remain Bullish Sugar Prices

Sugar Futures—Sugar futures in the March contract is currently trading lower by 6 points at 12.51 starting the week off on a negative note in a relatively quiet trading session.

I have been recommending a bullish position from around the 12.62 level and if you took that trade continue to place the stop loss under the 10-day low which now stands at 12.24 as the chart structure is outstanding due to the fact of the incredibly low volatility that we are experiencing at the current time.

Sugar prices are trading above their 20 day but still slightly below their 100 day moving average which stands at the 12.65 level as the trend is mixed to higher, however the risk/reward is in your favor as I do think prices have bottomed out.

For the bullish momentum to continue prices have to break the November 5th high of 12.73 as fundamentally speaking sugar posted a 1-month high Tuesday and December London sugar rose to a 4-1/2 month high on the outlook for smaller sugar output from India which is the world’s 2nd largest sugar producer.

The Indian Sugar Mills Association (ISMA) on Tuesday forecast that India’s 2019/20 sugar production will fall -19% to a 3-year low of 26.85 MMT from a record 33.2 MMT in 2018/19.





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