NY 2nd Month Sugar Futures
NY sugar futures edged lower on Thursday, settling at 17.49 and continuing to hover beneath the psychological 18.00 level. The contract remains capped by key moving averages, with the 10 DMA at 17.86 and the 40 DMA at 17.97 acting as near-term resistance. Price is also trending below the 100 DMA at 18.21, underscoring the prevailing bearish tone. Stochastics remain soft but not yet oversold, with %K at 35.84, suggesting further downside is possible but may be slowing. The MACD diff is marginally negative at -0.0902, flattening after recent declines, which hints at tentative stabilisation without a confirmed reversal. Support holds at 17.20, followed by the year-to-date low near 16.64. A daily close above 18.00 is needed to shift short-term sentiment, with resistance above at 19.49. For now, momentum remains weak, though technicals suggest selling pressure may be losing steam.
Ldn 2nd Month Sugar Futures
London sugar futures edged lower on Thursday, closing at 483.90 after failing to reclaim the 10 DMA. The contract continues to trade below all major moving averages, with the 10 DMA at 490.76, the 40 DMA at 501.76, and the 100 DMA at 507.71, underscoring the prevailing bearish structure. Stochastics are turning upward from near-oversold territory, with %K at 34.97, hinting at the potential for a short-term bounce. The MACD diff remains slightly positive at 0.8701, but momentum looks fragile as the histogram flattens. Resistance is layered at 493.80, followed by a more significant barrier at 519.00. A decisive break above the 10 DMA would be needed to stabilise the tone, while support holds at 464.00. Despite the ongoing downtrend, short-term indicators suggest a tentative base may be developing.
NY 2nd Month Coffee Futures
NY coffee futures retreated on Thursday, closing at 358.65 after failing to hold the prior session’s modest gains. The contract remains below all key moving averages, with the 10 DMA at 370.97, the 40 DMA at 374.88, and the 100 DMA at 370.82, maintaining the bearish short-term tone. Stochastics are deeply oversold, with %K at 14.37, suggesting the market is stretched but not yet stabilising. The MACD diff widened slightly to -2.73, reinforcing persistent downside momentum. Immediate support sits near 350, while resistance is layered at 370.97 (10 DMA), then 381.40. The trend remains under pressure, though the depth of recent losses could encourage short-covering if a base begins to form.
Ldn 2nd Month Coffee Futures
London coffee futures fell on Thursday, settling at 4787 and reversing the prior day’s modest bounce. The contract remains trapped below all major moving averages, with the 10 DMA at 4982, the 40 DMA at 5187, and the 100 DMA at 5317, highlighting ongoing technical weakness. Stochastics continue to hover in oversold territory, with %K at 14.02, while MACD diff widened further to -34.95, pointing to intensifying bearish momentum. Immediate support rests at 4664, with a breach exposing the 4338 zone. A close above the 10 DMA would be the first indication of potential stabilisation, but for now, the trend remains downward with no clear signs of reversal.
NY 2nd Month Cocoa Futures
NY cocoa futures dropped sharply on Thursday, settling at 9805 and marking a second consecutive lower close after failing to sustain gains above the 10000 level. The contract has now slipped back below the 10 DMA at 9911, a sign that the recent rally may be faltering. Still, prices remain well above the 40 and 100 DMAs (8904 and 8599), indicating the broader uptrend remains intact for now. Stochastics have begun to retreat from overbought territory, with %K at 71.34, suggesting momentum is cooling. Meanwhile, the MACD diff remains positive at 54.04, though it is narrowing, hinting at a potential shift in momentum. A close below the 9542 support level would raise the risk of a deeper pullback toward the 40 DMA. On the upside, resistance remains firm at 10779, and a move back above the 10 DMA would be needed to reassert bullish control. For now, the market is pausing, with signals pointing to consolidation after a strong run.
Ldn 2nd Month Cocoa Futures
London cocoa futures extended their retreat on Thursday, settling at 6997 and breaking back below the 7348 resistance-turned-support level. The contract has also closed beneath the 10 DMA at 7096, raising concerns that the recent rally may be running out of steam. Prices are still holding above the 40 and 100 DMAs (6475 and 6625), maintaining a supportive medium-term structure. Stochastics have turned lower from overbought conditions, with %K now at 70.69, suggesting that bullish momentum is waning. The MACD diff remains positive at 53.71 but is narrowing, pointing to softening momentum. If losses continue, next support lies at 6518, followed by 6350. A rebound back above 7348 would be required to restore upside momentum. Overall, the broader trend remains constructive, but recent signals point to an emerging correction or period of consolidation.
