NY 2nd Month Sugar Futures
NY sugar edged lower on Thursday, closing at 13.79, reinforcing the fragile structure that has developed following the rebound seen in mid-February. Prices are now trading below the 10 DMA at 13.91, while also remaining capped beneath the 40 DMA at 14.06 and the 100 DMA at 14.30, highlighting that the broader trend remains weak and that recent attempts to stabilise have struggled to gain traction.
Momentum indicators are also beginning to soften. The MACD diff remains positive but is decreasing, suggesting that the previous easing in selling pressure is fading and that bullish momentum is losing strength rather than building. At the same time, stochastics show %K declining to around 54 and trading below %D, signalling weakening upside momentum and indicating that the recent recovery phase is losing pace. This configuration typically reflects a market shifting from recovery into consolidation, with risks skewed toward renewed downside pressure if support levels fail.
From a technical perspective, futures now sit between nearby support and resistance zones that will shape the near-term outlook. Support lies around 13.34, which represents the next key level that could attract buying interest if selling pressure continues. A break below this area would expose deeper downside risks toward the 13.00 psychological level. On the upside, resistance remains clustered near 14.30, close to the 100 DMA, and prices would need to reclaim this level to signal that a more meaningful recovery is developing.
Recent candles show relatively small bodies and limited follow-through, reflecting hesitation from both buyers and sellers as the market consolidates below the moving averages. Unless futures can regain acceptance above the short-term averages, the balance of indicators suggests that upside attempts may remain limited and that the market could drift lower in the near term.
Ldn 2nd Month Sugar Futures
Ldn sugar edged lower on Thursday, settling at 405.20, slipping marginally below the 10 DMA at 406.35 and remaining firmly beneath the 40 DMA at 412.16 and the 100 DMA at 417.91, confirming that the broader technical structure continues to favour the downside despite the stabilisation seen since mid-February.
Momentum indicators are beginning to soften after the recent rebound. The MACD diff remains positive but is decreasing, indicating that the earlier easing in selling pressure is losing momentum and that bullish follow-through is limited. Meanwhile, stochastics show %K falling to around 55 and trading below %D, signalling fading upside momentum and suggesting that the recent recovery phase is beginning to stall. This configuration often reflects a market transitioning from recovery into consolidation, with downside risks gradually rebuilding if support levels are tested.
From a technical perspective, support is seen around 394, close to the February low area, and a break below this level could reopen the downside toward the 390–385 region. On the upside, resistance is initially clustered around the moving averages, with futures needing to reclaim the 10 DMA and then the 40 and 100 DMAs in order to confirm that buying momentum is strengthening. If prices were able to break decisively above this cluster of resistance, the market could then open the way for a move toward the 434 level, which represents the next significant resistance zone.
Recent candles show relatively tight ranges and overlapping price action, indicating hesitation from both buyers and sellers as the market consolidates beneath the key moving averages. Unless futures can regain acceptance above the short- and medium-term averages, the balance of indicators suggests that upside attempts may remain limited and that the market could remain under pressure in the near term.
NY 2nd Month Coffee Futures
NY coffee closed higher on Thursday at 288.80, extending the recent stabilisation and moving above the 10 DMA at 284, although prices remain capped beneath the 40 DMA at 310 and the 100 DMA at 345, indicating that the broader structure is still corrective rather than fully bullish. The move above the short-term average suggests that buying interest has re-emerged after the sharp declines earlier in the year, but the presence of overhead moving averages continues to limit the strength of the recovery.
Momentum indicators are beginning to improve. The MACD diff is positive and increasing, signalling that selling pressure has eased and that upside momentum is gradually building. At the same time, stochastics show %K rising to around 52, moving higher in the mid-range and pointing to strengthening short-term momentum. This combination of indicators typically reflects a developing recovery phase following a period of consolidation.
From a technical perspective, support is now seen around 280, which represents the level that recently contained the decline and is close to the lower boundary of the current consolidation range. A sustained break below this level would weaken the recovery structure and could reopen the downside toward 260–250. On the upside, 300 represents the next key resistance, and a decisive break above this psychological level could allow prices to extend gains toward the 40 DMA near 310 and potentially the 320 region. Recent candles show gradually higher lows, suggesting that buying interest is slowly rebuilding. While the broader trend remains cautious, indicators point to a constructive near-term tone provided support levels continue to hold.
Lnd 2nd Month Coffee Futures
Ldn coffee edged slightly higher to 3751, maintaining gains above the 10 DMA at 3672 while still trading beneath the 40 DMA at 3836 and the 100 DMA at 4104, highlighting that the market is attempting to stabilise but remains within a broader downward structure. The move above the short-term average suggests improving sentiment after the recent weakness, though the cluster of resistance above continues to cap stronger upside momentum.
Momentum indicators are supportive of the recent rebound. The MACD diff is positive and increasing, indicating that selling pressure has diminished and that buying momentum is gradually strengthening. Meanwhile, stochastics show %K rising to around 70, remaining above %D and trending higher, which signals sustained short-term upside momentum and a market that is attempting to extend the recovery.
From a technical standpoint, the closest support lies around 3500, which has recently acted as a base for the market and represents the key level that would need to hold to preserve the current recovery structure. On the upside, resistance is seen at the 40 DMA around 3836, and a break above this level would signal strengthening momentum and could open the way for a move toward the 4000 level. Recent candles show improving price structure with higher lows forming after the February decline, suggesting that buying interest is gradually returning. However, the broader trend will remain cautious until futures are able to reclaim the medium-term moving averages, particularly the 40 DMA.
NY 2nd Month Cocoa Futures
NY cocoa futures were barely changed on the session, closing at 3055, continuing to consolidate around the 10 DMA while remaining well below the 40 DMA at 4108 and the 200 DMA at 6601, highlighting that the broader trend remains decisively bearish despite recent stabilisation. Prices have been hovering around the 3050 area for several sessions, with tiny candle bodies and narrow trading ranges, suggesting that the market has entered a phase of consolidation after the sharp declines seen earlier in the year.
Momentum indicators are beginning to show tentative signs of improvement. The MACD diff has turned positive and is increasing, signalling that the earlier selling pressure is easing and that downside momentum has slowed. Meanwhile, stochastics show %K rising to around 32 and holding above %D, indicating gradually improving short-term momentum as the market attempts to stabilise from oversold levels. However, the indicators remain relatively subdued and do not yet suggest a strong recovery trend.
From a technical perspective, support remains near 2846, which marks the recent low and represents the key level that needs to hold in order to preserve the current consolidation. A break below this level would likely reintroduce downside pressure and could expose deeper support toward the 2600–2500 region. On the upside, futures would need to reclaim the 40 DMA around 4100 to signal a more meaningful recovery and confirm that buyers are regaining control of the market. Until that occurs, the current price action suggests a sideways stabilisation phase within a broader bearish structure, with the cluster of moving averages above continuing to act as strong resistance.
Ldn 2nd Month Cocoa Futures
Ldn cocoa edged slightly higher, settling at 2206, trading above the 10 DMA but still well below the 40 DMA at 2861 and the 200 DMA at 4568, reinforcing that the broader trend remains downward despite the recent bounce from February lows. The move above the short-term average suggests that the market is attempting a modest corrective rebound, though the recovery remains tentative.
Momentum indicators support this stabilisation. The MACD diff has turned positive and is increasing, indicating that selling pressure is easing and that a short-term recovery attempt may be developing. At the same time, stochastics show %K rising to around 38 and holding above %D, pointing to improving upside momentum following the deeply oversold conditions seen earlier in the decline.
From a technical standpoint, support is located around 2050, which has acted as a base for the recent rebound and represents the key level that would need to hold to prevent the downtrend from accelerating again. A break below this support could reopen the downside toward 2000 and potentially the longer-term support area near 1750. On the upside, reclaiming the 40 DMA near 2860 would be an important signal of recovery, as it would suggest that the market is transitioning from stabilisation into a more meaningful corrective rally. Until then, the current rebound appears tentative and corrective, with the broader bearish structure still intact.
