NY 2nd Month Sugar Futures
NY sugar futures held firm on Thursday as prices edged higher to close just below 14, stabilising above the 10 DMA at 13.77 while remaining capped beneath the 40 DMA at 14.13 and the 100 DMA at 14.40. The stochastics are stabilising, with %K flattening while %D continues to edge higher, suggesting upside momentum is losing acceleration but has not yet reversed, while the MACD diff has turned marginally positive and is beginning to diverge, suggesting selling pressure is easing. This shift indicates early signs of short-term stabilisation following the recent decline.
To confirm a recovery structure, futures need to close above resistance at 14.28, which would expose the 40 DMA and then 15.62. On the downside, failure to sustain gains above the 10 DMA could see prices retest support near 13.60 and then the recent base around 13.00.
The latest candle shows constructive price action after a rebound from recent lows, implying tentative buying interest. Near-term direction depends on whether prices can build acceptance above the short-term averages; without that, rallies may remain corrective.
Ldn 2nd Month Sugar Futures
Ldn sugar futures strengthened modestly on Thursday, settling at 405.30 after holding above the 10 DMA at around 402 but still trading below the 40 DMA at around 414 and the 100 DMA at 420, keeping the broader trend tilted lower. Stochastics are rising, with %K/%D climbing into the upper half of the oscillator range, indicating improving short-term momentum, while the MACD diff has turned positive and is diverging slightly, suggesting buying pressure is building.
To confirm a shift in short-term direction, futures need to close above resistance at 411.60 and then test the 40 DMA. A break above this cluster would open the path towards 434.30. Conversely, failure to sustain support above the 10 DMA could see prices slip back towards 398 and then the recent low at 393.80.
Recent candles show a rebound structure following the prior decline, indicating stabilisation but not yet a confirmed trend reversal. We expect consolidation with a slight upward bias in the near term unless resistance levels reject prices.
NY 2nd Month Coffee Futures
NY coffee (May) futures weakened on Thursday as prices slipped to close around 282, remaining below the 10 DMA around 287, the 40 DMA around 317, and the 100 DMA around 349, reinforcing the broader bearish structure. The %K/%D is turning higher from lower levels but remains subdued, indicating only tentative stabilisation rather than a confirmed shift in momentum. Meanwhile, the MACD diff has edged positive and is beginning to converge towards the signal line, suggesting downside momentum is fading rather than reversing.
To confirm a recovery phase, futures need to reclaim resistance at the 10 DMA and then the horizontal level at 314.75, which would expose the 40 DMA. On the downside, failure to hold above recent lows near 280 could see prices extend towards 270.
Recent candles show small bodies after a sharp decline, reflecting consolidation rather than accumulation. Near-term direction therefore remains fragile, with any upside likely corrective unless resistance levels are decisively reclaimed.
Lnd 2nd Month Coffee Futures
Ldn coffee (May) futures edged lower on Thursday, settling at 3639, holding below the 10 DMA at 3665 and the 40 DMA at 3865 while remaining well beneath the 100 DMA at 4140, maintaining the prevailing downward trend. The stochastics are flattening, with %K/%D stabilising near the lower half of the range, signalling waning downside momentum but not yet confirming upside intent. The MACD diff is marginally positive and flattening, indicating that selling pressure is easing but directional conviction remains limited.
To confirm a shift in near-term tone, futures need to close above the 10 DMA and then test resistance at 3865. Conversely, a break below support at 3600 would expose the recent base near 3500.
Candle structure over recent sessions shows tightening ranges following the decline, suggesting consolidation rather than reversal. We expect futures to remain rangebound with a slight downward bias unless prices can regain acceptance above the short-term averages.
NY 2nd Month Cocoa Futures
NY cocoa futures edged higher on Thursday as prices rebounded modestly to close at 3063 after testing recent lows near 2952. Futures remain firmly below the 10 DMA at 3271, the 40 DMA at 4488, and the 200 DMA at 6771, confirming that the broader trend remains decisively bearish despite the short-term bounce. The stochastics are rising, with %K turning up from near oversold levels, suggesting early stabilisation momentum, while the MACD diff is still negative but flattening, indicating that downside momentum is easing rather than reversing.
To confirm a recovery phase, futures need to close above resistance at 3271 and then take out 4000, which would expose the 40 DMA. On the downside, failure to hold above 3000 would reinforce the dominant downtrend and could trigger a retest of the recent low at 2952, followed by 2800.
A small-bodied candle after the rebound suggests tentative buying interest but not yet conviction. We expect near-term consolidation with a downward bias unless resistance levels are reclaimed.
Ldn 2nd Month Cocoa Futures
Ldn cocoa futures softened on Thursday as prices closed at 2156, hovering just above the recent low at 2075 and continuing to track well below all major moving averages. Futures remain capped beneath the 10 DMA at 2303, the 40 DMA at 3131, and the 200 DMA at 4697, reinforcing the persistent bearish structure. The stochastics are rising gradually from oversold territory, signalling stabilisation rather than strength, while the MACD diff remains negative but is converging, pointing to waning selling pressure rather than active buying.
To confirm a corrective recovery, futures need to break above resistance at 2303 and then 2600, which would allow a test of the 40 DMA. On the downside, a break below 2100 would confirm continuation of the broader downtrend and could open the path toward 2000.
The latest candles show narrow ranges and small bodies, indicating reduced volatility and a market pausing after an extended sell-off. We expect futures to remain weak in the near term, with any rallies likely to prove corrective unless prices reclaim the short-term averages.
