NY 2nd Month Sugar Futures
NY sugar futures held steady on Thursday, settling at 14.78. The stochastics are falling, with %K/%D deep in the oversold territory, and the MACD diff remains negative and diverging, indicating persistent downside momentum. To confirm the continuation of the bearish outlook, futures would need to take out support at 14.00, opening the downside towards the 13.50 area. On the upside, initial resistance stands at 15.31, followed by the 10 DMA at 15.09 and the 40 DMA at 16.02. A close above the 16.02 level would be required to signal stabilisation and potentially shift sentiment. For now, indicators favour further softness while prices remain capped below the moving averages.
Ldn 2nd Month Sugar Futures
Ldn sugar futures held steady on Thursday, closing at 433.40 after testing a low of 428.60. The stochastics are falling, with %K/%D now in oversold territory, and the MACD diff is negative and diverging, reinforcing the downside momentum. The contract continues to trade below the 10 DMA at 438.41 and the 40 DMA at 454.02, confirming sustained bearish pressure. To extend the move lower, futures need to take out support at 434.30 convincingly and then retest 428.60, the recent low. A close below this level would signal a continuation towards the psychological 420 area. On the upside, a recovery above the 10 DMA at 438.41 is required to stabilise price action, with further resistance at 454.02. Price action remains heavy below the descending moving averages, and the indicators suggest further downside in the near term unless support holds. We maintain a cautious bias lower.
NY 2nd Month Coffee Futures
Arabica futures softened on Thursday, closing at 389.75. The stochastics remain elevated, with %K/%D holding in overbought territory, and the MACD diff is positive but flattening, signalling that the recent upward momentum may be slowing. To maintain the bullish bias, futures must continue to hold above the 10 DMA at 378.45 and the 40 DMA at 373.04.Upside resistance lies at 393.01, followed by the key band at 407.90 and the recent peak near 426.70. A failure to break through 393.01 could see futures drift lower toward 370.00 as momentum cools. For now, the indicators suggest consolidation, but the market remains vulnerable unless higher resistance levels are taken out.
Ldn 2nd Month Coffee Futures
Ldn coffee futures softened on Thursday, closing at 4521. The stochastics are turning lower, with %K now below %D, suggesting fading upside momentum. The MACD diff remains positive but is flattening, indicating that recent buying pressure is losing strength. Price continues to hold above the 100 DMA at 4035, reaffirming the medium-term support base, while futures trade around the 10 DMA at 4499 and sit just below the key resistance level at 4664. To confirm a stronger upside move, futures would need to break and close above 4664, which would open the path towards 5000 and then 5369. On the downside, initial support lies at 4338. A close below this level would weaken the constructive tone and shift focus back to 4035. For now, the market remains supported, but the softening momentum signals hesitation, and futures require a decisive break of resistance to regain upward conviction.
NY 2nd Month Cocoa Futures
NY cocoa futures edged higher on Thursday, closing at 6419. The stochastics are rising from oversold, with %K moving above %D, indicating improving near-term momentum. However, the MACD diff remains negative, though it is converging, signalling that downside momentum is slowing but not yet reversed. Despite the recent lift, the broader downtrend remains intact. Prices continue to trade below the 10-DMA at 6026 and the 40-DMA at 6810, and the descending trendline continues to cap rallies. To confirm a sustained upside, futures need to break and close above 6720, which would open a move toward the next resistance at 7336. On the downside, support at 6210 remains the key level; a close below this would indicate renewed bearish momentum and a likely retest of the recent lows. Momentum is stabilising, but bullish confirmation is still required before a trend shift can be inferred.
Ldn 2nd Month Cocoa Futures
Ldn cocoa futures firmed slightly on Thursday, closing at 4693. The stochastics are rising modestly from oversold levels, while the MACD diff remains negative but has begun to show early signs of convergence, suggesting some stabilisation. However, the broader trend remains defined by the descending trendline from the June highs and the contract continues to trade well below the 10 DMA at 4256 and 40 DMA at 4789, keeping the near-term bias cautious. To confirm a reversal, futures need to break above the 4698 resistance area and the 40 DMA at 4789. A close above these levels would open the way back towards 5000 and then 5359. On the downside, support at 4296 remains key; a break below this level would reassert the prior downtrend and expose the market to deeper losses. Price action suggests consolidation at present, but momentum remains fragile.
