Sugar futures (SUGAR) on the ICE exchange are rising by nearly 2% today, attempting to decisively reverse a months-long sell-off. The rally appears to be supported by a structurally weak U.S. dollar, and today’s modest strengthening of the currency has not affected sentiment in the sugar market. In June, China reported its largest sugar import since 2018.
Looking at the chart, sugar remains within a downward price channel. The price has rebounded from the $15 level, which marked its lowest point since 2021. If the short-term trend continues, a test of the $17.3 region—where the 50-day EMA (yellow line) is currently located—remains possible. A similar price reaction was observed during the first two weeks of May.
Source: xStation5
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