Lnd 2nd Month Sugar Futures
London sugar futures pushed higher on Friday, settling at 473.70 and recording a first close back above both the 10-DMA (464.94) and the 40-DMA (472.51). While the contract is still capped by the 100-DMA at 498.21, the ability to reclaim the shorter averages suggests downside pressure is beginning to ease. Stochastics have swung firmly higher (%K at 61.21), indicating growing positive momentum, though they are not yet overstretched. The MACD diff remains negative but has narrowed noticeably over the past week, pointing to a gradual loss of bearish impetus. Immediate resistance lies at 493.80; a daily settlement through this level would confirm a near-term base and expose 519.00 and 540.20. On the downside, the 10-DMA now acts as initial support, with the recent low at 447.00 and the longer-term floor at 434.30 providing deeper protection. The broader trend is still soft beneath the 100-DMA, yet improving momentum and the recovery through short-term averages argue for further consolidation with a mild upside bias provided the market can continue to hold above
Ldn 2nd Month Coffee Futures
London robusta futures edged up to close at 3677 on Friday, extending the tentative bounce from the late-June low of 3515, and jumping above the 10-DMA at 3662. The contract nonetheless remains stuck beneath other major moving averages, with the 40-DMA at 4322 and the 100-DMA at 4970. Stochastics are advancing from oversold territory (%K at 32.5), implying that the recent liquidation phase is beginning to lose momentum. Consistent with this, the MACD diff is still negative but has started to converge, signalling that bearish momentum is flattening rather than accelerating. Another decisive close above the 10-DMA would be the first sign that a base is forming, opening a path towards 3750 and the more formidable barrier at 3900. Should prices slip back below 3550, however, the downside would re-open towards the psychological 3500 region. For now, the structure remains fragile, but stabilising momentum indicators point to the likelihood of further sideways trade while the market tests overhead resistance.
Ldn 2nd Month Cocoa Futures
London cocoa futures edged slightly higher on Friday, finishing at 5505 and remaining below the 10-DMA at 5778 and the 40-DMA at 6373. The market is also trading well under the 200-DMA at 6752, underscoring the dominance of the broader bearish trend. Stochastics remain oversold (%K at 21.44) but have yet to show a convincing turn, suggesting that selling pressure, while stretched, has not fully abated. The MACD diff is deep in negative territory, though the histogram has begun to contract modestly, hinting at early signs of convergence rather than fresh acceleration. Key support is now found at 5359; a break beneath this level would expose the long-term retracement target at 4489.87. On the topside, the 10-DMA represents initial resistance; a close above it would signal the first step toward stabilisation and allow a recovery towards 6000 and the 40-DMA. Until such confirmation emerges, the path of least resistance remains lower, albeit with oversold momentum warning that downside follow-through could become increasingly laboured.
