NY 2nd Month Sugar Futures
NY sugar futures edged marginally lower on Tuesday, closing at 14.37, as prices continued to consolidate after the sharp sell-off seen in October. Futures remain capped below the 40 DMA at 14.40 and the 10 DMA at 14.63, keeping the broader technical tone cautious. Stochastics are stabilising, with %K/%D flattening in the mid-range rather than pushing into oversold territory, suggesting limited downside momentum at present. The MACD diff is marginally positive but flat, highlighting a lack of conviction from either buyers or sellers and reinforcing the sideways near-term bias. To confirm a more constructive outlook, futures need to reclaim the 10 DMA at 14.63, which could open the way towards the 15.00 area. On the downside, a close below 14.00 would expose support at 13.80, with a break below that level risking a return towards the October lows. For now, the market appears rangebound with muted momentum.
Ldn 2nd Month Sugar Futures
London sugar futures edged modestly higher on Tuesday, settling at 421.90, as prices continued to stabilise above the late-October low at 403.40. Futures remain capped below the declining 100 DMA at 438.81 and the 40 DMA at 420.89, highlighting that the broader trend remains corrective despite recent consolidation. The stochastics are neutral to marginally softer, with %K slipping below %D, suggesting momentum has stalled after the recent rebound. The MACD is marginally positive but flattening, with the diff slightly negative, indicating that upside momentum remains limited and lacks conviction. To confirm a near-term improvement, futures need to reclaim the 40 DMA at 420.89 on a closing basis and then take out resistance at 434.30. A sustained move above this area would open scope for a test of 464.00. On the downside, a break back below 417.20 would refocus attention on 403.40, with a loss of that support re-exposing the broader downtrend. For now, price action points to rangebound trade with a mild downside bias.
NY 2nd Month Coffee Futures
NY coffee futures rebounded on Tuesday, settling higher at 353.05, after holding above key support near 337.00. Prices have moved back above the 10 DMA at 337.26, but remain below the 40 DMA at 363.66, leaving the broader structure mixed. Stochastics are rising, with %K/%D pushing higher out of neutral territory, suggesting improving short-term momentum. However, the MACD diff remains negative, despite narrowing, indicating that the recovery is corrective rather than trend-changing at this stage. To confirm a stronger recovery, futures need to break and hold above the 40 DMA at 363.66, which would bring resistance at 393.00 back into focus. On the downside, a failure to hold above the 10 DMA would refocus attention on 337.00, with a break below that level exposing 314.75. The near-term tone has improved, but broader bearish risks persist.
Ldn 2nd Month Coffee Futures
London coffee futures firmed on Tuesday, closing at 4007, as prices rebounded from the recent dip below 3900. Despite the recovery, futures remain below the 40 DMA at 4178 and the 100 DMA at 4346, keeping the medium-term structure under pressure. The stochastics are rising sharply, with %K well above %D and moving out of oversold territory, signalling improving near-term momentum. The MACD remains negative, but the diff is converging, suggesting that downside momentum is easing rather than accelerating. To confirm a more constructive short-term outlook, futures need to break above 4080–4100 and then challenge the 40 DMA at 4178. Failure to build on the current rebound would leave prices vulnerable to renewed pressure towards 3878 and then the 3660–3700 area. While momentum indicators have improved, the broader trend remains fragile below the key DMAs.
NY 2nd Month Cocoa Futures
NY cocoa futures edged lower on Tuesday, closing at 6003, as prices consolidated below the 10 DMA at 6038 while holding above the 40 DMA at 5766. Despite the pause, the broader recovery from the November low remains intact. Stochastics are steady, with %K/%D holding in neutral territory rather than rolling over, suggesting limited downside pressure. The MACD diff is positive, though flattening, signalling that bullish momentum is moderating rather than reversing. To confirm a renewed upside push, futures need to close back above the 10 DMA at 6038, which could then trigger a test of resistance at 6210 and 6720. On the downside, a break below the 40 DMA at 5766 would undermine the recovery and expose support towards 5359. For now, futures remain in a consolidation phase within a broader stabilisation pattern.
Ldn 2nd Month Cocoa Futures
London cocoa futures edged lower on Tuesday, settling at 4291, as prices continued to struggle below the descending trendline and the 40 DMA at 4180. The broader structure remains bearish, with futures well below the 200 DMA at 5310. The stochastics are softening, with %K drifting lower and %K/%D converging, pointing to fading upside momentum following the recent bounce from 3650. The MACD is positive but flattening, with the diff turning slightly negative, indicating that buying pressure is losing traction. To confirm renewed downside risk, futures need to break back below 4296, which would expose 4100 and then the 3650 low. On the upside, only a close above 4698 would meaningfully ease downside pressure and allow a test of 5359. Until then, the market remains rangebound within a broader bearish trend, with rallies likely to be sold.
