NY 2nd Month Sugar Futures
NY sugar futures rebounded sharply on Thursday, finishing at 17.06 and snapping the recent sequence of lower closes. The rally carried prices back through the 10-DMA at 16.53 and up to the 40-DMA at 17.10, which now acts as immediate resistance, with the 100-DMA at 17.94 capping the topside thereafter. Stochastics have broken out of oversold territory (%K at 52.89), hinting at growing positive momentum, while the MACD diff has turned marginally positive for the first time in more than two months, indicating early signs of bullish convergence. A decisive close above the 40-DMA would strengthen the recovery case and expose the psychological 18.00¢ area, followed by 19.49¢. Should the contract struggle here, support is seen first at 16.64 and then around the recent floor near 16.00. Although the broader trend is still soft, the improvement in momentum indicators suggests a developing base, with scope for further near-term consolidation to the upside if the 40-DMA gives way.
Ldn 2nd Month Sugar Futures
London sugar futures surged on Thursday, settling at $470.90. The move lifted prices through the 10-DMA at 464.28 and brought them within a whisker of the 40-DMA at 472.81; the 100-DMA at 498.51 remains the next major objective. Stochastics have pushed through the mid-50s (%K at 50.60), signalling building upward momentum, and the MACD diff has flipped into positive territory, pointing to a meaningful contraction in bearish pressure. Volume expanded notably, reinforcing the validity of the move. A daily close above the 40-DMA would open the path towards 493.80 and 519.00. Initial support is now layered at 464.00, with a deeper floor at 447.00. With momentum turning and prices reclaiming short-term averages, the market looks poised for further recovery, provided it can consolidate above the 10-DMA.
NY 2nd Month Coffee Futures
NY coffee futures eased slightly on Thursday, ending at 289.60 after failing to sustain an early bounce. The contract remains below all key moving averages, with the 10-DMA at 303.97 offering the first layer of resistance, followed by 314.75. Stochastics are still deeply oversold (%K at 16.61) but have started to tick higher, hinting that downside momentum is losing traction, while the MACD diff continues to converge, though it is yet to cross into positive territory. A close back above the 10-DMA would be the first sign of stabilisation, potentially triggering a test of 314.75 and, beyond that, 343.96 (40-DMA). Failure to regain 300.00, however, would keep the pressure on, leaving the market vulnerable to fresh weakness towards the recent low around and then the 270.00 area traced out last July. For now, price action points to nascent basing, but confirmation is still lacking.
Ldn 2nd Month Coffee Futures
London coffee futures rebounded slightly on Thursday, closing at 3627. Prices are now testing the 10-DMA at 3668, while the 40- and 100-DMAs at 4362 and 4990 respectively remain well overhead. Stochastics have turned up from oversold territory (%K at 26.65), suggesting the recent selling pressure is starting to abate, and the MACD diff has moved into positive territory for the first time since April, pointing to a slowdown in bearish momentum. A close above the 10-DMA would bolster the recovery narrative and bring 3830 and 4338 into view. On the downside, support is seen at the recent 3560 low, with deeper backing at 3300. While the broader structure is still fragile, improving momentum signals the potential for near-term consolidation or a corrective bounce, contingent on the market’s ability to reclaim the 10-DMA.
NY 2nd Month Cocoa Futures
NY cocoa futures extended their slide on Thursday, closing at 8101 and registering a fresh ten-week low. The contract remains firmly under pressure, trading beneath the 10-DMA at 8577, the 200-DMA at 8822 and the 40-DMA at 9190; this cluster now forms the first band of resistance. Stochastics have slipped back towards oversold territory (%K at 27.74) after failing to clear the mid-30s earlier in the week, suggesting downside momentum is again building. The MACD diff is still negative, but the pace of decline is moderating as the histogram narrows, hinting at incipient convergence rather than fresh acceleration. A decisive break of 8000 would leave the contract vulnerable to a test of the more significant support zone at 7336, followed by 6720. On the topside, a recovery through the 10-DMA would be needed to ease immediate pressure and target the 8830–8900 area around the 200-DMA; only a close above the 40-DMA would signal a deeper retracement. For the moment, the market tone stays soft, with oversold signals offset by the absence of a clear basing pattern.
Ldn 2nd Month Cocoa Futures
London cocoa futures fell for a fifth day on Thursday, settling at 5441 and edging closer to the key floor at 5359. Prices continue to trade decisively below all major moving averages, with the 10-DMA at 5789 providing the nearest resistance, followed by the 40-DMA at 6400 and the 200-DMA at 6747. Stochastics remain firmly oversold (%K at 21.98) but have yet to turn higher, indicating that selling pressure has not fully exhausted. The MACD diff is negative but has contracted marginally in recent sessions, pointing to a slight loss of downside momentum rather than a reversal. A clear break beneath 5359 would confirm a continuation lower towards 4489.87. Conversely, a close back above the 10-DMA would be the first sign of stabilisation, opening the way for a corrective move towards 6000 and the 40-DMA. While momentum is beginning to flatten, the broader trend is still bearish, and a stronger technical trigger is required before calling for a sustained rebound.
