NY 2nd Month Sugar Futures
NY sugar futures softened on Thursday as prices edged lower to close at 14.20, remaining capped by the 10 DMA at 14.44 and failing to build momentum above the short-term averages. The stochastics are falling, with %K/%D diverging lower and edging closer to oversold territory, signalling weakening buying conviction. The MACD diff is negative and diverging, reflecting building bearish momentum and confirming the downside pressure visible across the moving averages.
To confirm the outlook for lower prices, futures need to break below the robust support zone at 14.00, which would open the downside towards 13.75. On the upside, the market needs to close above the 10 DMA at 14.44, followed by the 40 and 100 DMA cluster at 14.48/15.10, to test resistance at 15.62. Candle structure remains uninspired, with narrow bodies reflecting lack of follow-through in either direction. Indicators point to further near-term weakness unless support holds at current levels.
Ldn 2nd Month Sugar Futures
London sugar futures weakened on Thursday, closing at 14.20, continuing to struggle under the cluster of longer-term moving averages. The stochastics are falling, with %K/%D edging towards oversold, and the MACD diff is negative and diverging, indicating building bearish momentum.
To confirm further downside, futures need to take out the recent support around 14.00, which would open the path back towards the October low area. On the upside, a close above the 10 DMA at 14.44 and then the 40 DMA at 14.48 is required to stabilise the near-term tone before retesting the 100 DMA at 15.10. The candle shows sustained rejection of prices above the short-term moving averages, signalling a lack of appetite for higher levels. The indicators point to a weak near-term outlook unless the market can reclaim the short-term DMAs.
NY 2nd Month Coffee Futures
NY coffee futures held their nerve on Thursday as prices closed at 340.40, struggling to reclaim the 10 DMA at 344.28 and remaining suppressed beneath the 40 and 100 DMA cluster at 356.83/367.89. The stochastics are falling, with %K/%D diverging lower from mid-range readings, highlighting the shift in short-term bias towards lower prices. The MACD diff is negative and diverging, signalling sustained selling pressure after the loss of upward momentum earlier in the month.
To confirm the bearish outlook, futures need to take out support at 314.75, which would open a pathway back towards 300. On the upside, a break above the 10 DMA at 344.28 would allow prices to challenge 381.40, but the longer-term DMAs continue to act as strong resistance overhead. A neutral-bodied candle after a minor recovery day reflects indecision within the broader consolidation, but the indicators lean towards further softness unless immediate resistance levels are reclaimed.
Ldn 2nd Month Coffee Futures
London coffee futures edged higher on Thursday, closing at 4003, extending the recovery from the December lows. The stochastics are rising, with %K/%D diverging on the upside out of mid-range, and the MACD diff is negative but converging, suggesting bearish pressures are moderating.
To confirm improved sentiment, futures need to reclaim the 40 DMA at 4085 and then the 100 DMA at 4323, which remains a key directional pivot. On the downside, support at the 10 DMA at 3948 must hold to prevent renewed weakness back towards the 3800 region. A small-bodied candle above the 10 DMA reaffirms cautious demand at current levels. Indicators point to stabilisation with potential for further gains if resistance layers are reclaimed, but upside remains conditional.
NY 2nd Month Cocoa Futures
NY cocoa futures weakened on Thursday as prices closed at 5298, slipping below the 10 DMA at 5855 and failing to sustain the recent attempt to stabilise above the 5800 level. The stochastics are falling, with %K/%D diverging lower from mid-range readings, signalling revived selling pressure. The MACD diff is firmly negative and diverging, reaffirming bearish control following the earlier rejection from the downward trendline and key resistance levels.
To confirm the continuation of lower prices, futures need to break below psychological support at 5000, which would expose 4924, the recent low, as the next target. On the upside, a close back above the 10 DMA at 5855 would be required to challenge 6210, with additional resistance at 6720. Candle action remains heavy, with lower shadows shallow and bodies extending lower, reflecting persistent seller dominance. The indicators point towards further downside in the near term unless the market finds support at the current levels.
Ldn 2nd Month Cocoa Futures
London cocoa futures extended losses on Thursday, closing at 3839, after failing to hold above the 4000 handle earlier in the week. The stochastics are falling, with %K/%D accelerating lower into oversold territory, and the MACD diff is negative and diverging, highlighting growing downside momentum.
To confirm further weakness, futures need to break the recent lows near 3650, which would reaffirm the longer-term downtrend. On the upside, futures need to close above the 10 DMA at 4199 and then the 40 DMA at 4154 to ease the bearish pressure before testing the 200 DMA at 5256. A firmly red candle closing near lows reflects persistent selling interest as prices continue to struggle under the descending trendline. The indicators point to a bearish near-term bias unless futures can reclaim the short-term DMAs.
