NY 2nd Month Sugar Futures
NY sugar futures held steady on Tuesday, closing at 17.11 as prices continued to trade sideways around the key moving averages. The stochastics are drifting lower, with %K/%D turning down from mid-levels, while the MACD diff remains marginally negative and flat, signalling a lack of clear momentum. To confirm further weakness, futures need to break below the recent support of 16.64, which could pave the way for a test of 16.00. On the upside, a close above 18.00 would reaffirm bullish sentiment and target the 19.49 resistance. Narrow-bodied candles and subdued volumes point to indecision, and a breakout beyond either boundary is required to define the near-term trend.
Ldn 2nd Month Sugar Futures
London sugar futures closed mostly unchanged on Tuesday at 478.40, hovering just above the 10 DMA at 476.47. The stochastics remain elevated, with %K/%D converging near overbought levels, and the MACD diff is positive and still rising, indicating sustained buying interest. To confirm further gains, futures need to break above 493.80 resistance, which would open the way to 519. Conversely, a close below 464 support would suggest renewed downside risks towards 434.30. Recent consolidation above key averages points to a cautious bullish tone, but upside progress hinges on a break of overhead resistance.
NY 2nd Month Coffee Futures
NY coffee futures eased on Tuesday to settle at 372.30, retreating from the recent high at 381.40. The stochastics are deep in overbought territory, with %K/%D converging lower, suggesting waning upside momentum. The MACD diff remains positive but has started to flatten, indicating that bullish momentum may be stalling. To confirm a corrective move, futures need to close below 349.75 (10 DMA), which would open the way towards 337.87 (100 DMA). On the upside, a break back above 381.40 would reinstate bullish momentum towards 407.90. The long upper wick in recent sessions reflects profit-taking at higher levels, leaving the market vulnerable to short-term retracement unless support holds.
Ldn 2nd Month Coffee Futures
London coffee futures extended gains on Tuesday, settling at 4690 as strong buying interest drove prices well above the 10 DMA at 4200. The stochastics are deep in overbought territory, with %K/%D diverging higher, and the MACD diff is firmly positive and widening, reinforcing the bullish outlook. To maintain this momentum, futures must hold above the 4338 support, with a break above 4664 confirming potential to test 5369. On the downside, failure to sustain current levels could trigger a correction back towards the 4200 area. Recent strong-bodied candles underline firm upward momentum, but overbought signals highlight growing risks of short-term retracement.
NY 2nd Month Cocoa Futures
NY cocoa futures softened on Tuesday, closing at 7,613 as prices failed to sustain gains above the 10 DMA at 8,039. The stochastics remain low, with %K attempting to turn up but still below %D, while the MACD diff is negative and diverging, signalling persistent downside pressures. To confirm further losses, futures need to take out 7,336 support, which could trigger a move towards 6,720. On the upside, a close back above the 10 DMA would ease immediate downside risks and target the 40 DMA at 7,888, with stronger resistance at 9,070 (200 DMA). Recent rejection above short-term averages underlines the prevailing bearish bias, with sentiment likely to remain weak unless key supports prompt a rebound.
Ldn 2nd Month Cocoa Futures
London cocoa futures edged lower on Tuesday, closing at 5319 as prices struggled to hold above short-term moving averages. The stochastics are weak, with %K/%D falling from mid-levels, while the MACD diff remains negative and diverging, suggesting continued downside pressure. To confirm further weakness, futures need to break below the robust support of 5359 and 5235 (100 DMA), which could pave the way towards 4489. On the upside, a close above 5523 (10 DMA) would be needed to reassert bullish momentum and target the 6518 level. Recent narrow-bodied candles around key support indicate market indecision, but the bias remains soft unless prices reclaim short-term averages.
