NY 2nd Month Sugar Futures
NY sugar futures softened again on Tuesday, settling at 16.36 and recording a second close below the 17.00 handle. The contract remains capped by the 10DMA average at 16.62, with the 40DMA and 100DMA at 17.27 and 18.04 reinforcing the bearish backdrop. Stochastics have nudged up to %K ≈ 25, but remain well below the mid-range, hinting that any improvement in momentum is still tentative. Meanwhile, the MACD diff is only marginally negative and has flattened, indicating that the recent slide is losing force rather than accelerating. Immediate support lies at the April-2024 floor near 16.64; a daily close beneath this level would expose deeper ground toward the psychological 16.00 area. To ease pressure, prices must reclaim the 10DMA and then 17.00; only a decisive move through the 40DMA would signal the start of a broader recovery.
Ldn 2nd Month Sugar Futures
London sugar slipped to 461.80 on Tuesday, fading back from an early probe of the 10DMA at 463.71. Futures remain bottled up beneath that short-term average and the 40DMA band at 476.29, while the 100DMA near 501 continues to overhang the market. Stochastics have lifted to the high-40s, implying that downside momentum is moderating, and the MACD diff has turned slightly positive, reinforcing the idea that selling pressure is beginning to stabilise. Support at 464.00—bolstered by last week’s spike low at 454.00—remains pivotal; a clear break below that zone would keep sights on the long-term objective at 4489. Conversely, a close back above the 10DMA would open a test of the 40DMA and the former congestion band at 493.80. For the moment, price action and momentum signals point to a tentative basing attempt rather than a confirmed reversal.
NY 2nd Month Coffee Futures
NY coffee futures extended their slide on Tuesday, closing at 311.35 with a clear red candle that cut through the long-running trend line drawn off the September and January lows. The fall leaves the market decisively beneath the 10DMA at 334.09, while the 40DMA and 100DMA at 360.76 and 374.83 continue to cap the upside. Stochastics remain deeply oversold (%K about 12), hinting that downside momentum is stretched, and the MACD diff, though still negative, is beginning to flatten. The April swing low at 314.75 has now been breached intraday; a close below that level would confirm a break and open the way toward the psychological 300 level and the broader support band near 280. To steady the tone, prices must first reclaim the broken trend line and then close above the 10DMA; only a push through the 40DMA would signal that a base is forming.
Ldn 2nd Month Coffee Futures
London coffee fell to 3682 on Tuesday, extending the sharp downtrend that began in late April. The contract remains pinned under the 10DMA at 4034, with the 40DMA and 100DMA at 4652 and 5130 reinforcing the bearish structure. Stochastics are locked in oversold territory (%K just above 10) yet have not started to turn, suggesting that selling pressure is still dominant. The MACD diff is firmly negative and has marginally widened, indicating that momentum remains on the downside. A cluster of minor lows around 3600–3650 offers the next layer of support; failure to hold there risks a deeper slide toward the 3500 region. For any meaningful consolidation to emerge, the market would need a close back above the 10DMA, which in turn could allow a recovery toward initial resistance at 4034 and then 4338. Until then, the path of least resistance continues to point lower, even as momentum indicators warn that the market is becoming overstretched.
NY 2nd Month Cocoa Futures
NY cocoa futures firmed on Tuesday, finishing at 8763 with a green candle that lifted prices back toward the 200DMA at 8776, though they still sit just below the 10DMA and 40DMA at 8896 and 9227. The contract is holding above the long-term up-trend line, yet the cluster of short-term averages overhead continues to cap rallies. Stochastics have turned up from the low 30s (K around 34, D near 33), suggesting early stabilisation after last week’s fall. The MACD diff stays negative near −83, but the gap versus the signal line has narrowed, indicating downside momentum is flattening rather than accelerating. A daily close above the 10DMA would open a path toward the 40DMA and horizontal resistance near 9542. Conversely, losing the 200DMA again would leave the market exposed to 7336 and, beneath that, the broader support band around 6720.
Ldn 2nd Month Cocoa Futures
London cocoa futures nudged up to 5907 on Tuesday, marking a second successive green session but remaining below every major moving average: the 10DMA at 6063, 40DMA at 6509 and 200DMA at 6725. Stochastics continue to rise out of oversold territory (K about 27, D roughly 23), a sign that bearish momentum is easing. The MACD diff, while still negative near −62, is narrowing toward the signal line after hitting deeper lows in late May. The first hurdle is the 10DMA; a close above it would bring the psychological 6000 level into play and then stronger resistance near 6518. Immediate support is the recent low around 5617, followed by the lower horizontal band at 5359. Overall structure remains fragile, yet improving momentum indicators point to scope for consolidation provided prices hold above the latest trough and recover the 10DMA.
