NY 2nd Month Sugar Futures
NY sugar (May) settled at 14.09, posting a modest recovery on the session after the sharp sell-off, although the contract remains below key short-term averages.
Price action continues to reflect a clear rejection from the mid-March highs near 16.00, with the broader structure defined by lower highs and the recent break below both the 10 DMA at 14.68 and the 40 DMA at 14.60. While the latest session printed a green candle, suggesting a near-term pause in downside momentum, the contract remains below the 14.30 level, which now acts as immediate resistance, keeping the short-term bias fragile.
Momentum signals remain weak but are beginning to stabilise. The MACD diff is still negative, though flattening, indicating that downside momentum is losing pace rather than accelerating. Stochastics have fallen into oversold territory near 10 and are starting to turn, pointing to potential near-term stabilisation or a corrective bounce from current levels.
Technically, the broader structure remains bearish while price holds below the 40 DMA, but the oversold condition and the latest positive close suggest scope for consolidation above 13.34 support. A sustained break below 13.34 would reopen the downside trend, while a recovery back above 14.30–14.60 is needed to signal a more meaningful stabilisation.
NY sugar remains under pressure within a broader downtrend, but the latest session suggests the sell-off may be pausing near support, with momentum turning less negative.
Ldn 2nd Month Sugar Futures
Ldn sugar (May) settled at 419.70, edging higher on the session after the recent pullback, although price remains below key resistance levels.
Price action shows a rejection from the rally towards 460, followed by a move back through the 10 DMA at 431.23 and towards the 40 DMA at 424.27. The latest green candle indicates a near-term stabilisation attempt just below the 40 DMA, but the inability to reclaim this level keeps the structure corrective within the broader downtrend. The 434.30 level continues to cap the upside and defines the key resistance threshold.
Momentum indicators are soft but no longer deteriorating. The MACD diff has turned negative but is flattening, suggesting that bearish momentum is fading. Stochastics have dropped sharply into oversold territory near 10 and are beginning to turn higher, reinforcing the view of a near-term stabilisation phase.
From a technical perspective, the market is attempting to base above the recent lows, with 392.65 acting as key support. Holding above this level, combined with oversold momentum, supports the case for consolidation or a corrective rebound. However, a clear recovery back above the 40 DMA and 434.30 is required to shift the near-term outlook to neutral.
Ldn sugar is stabilising after the recent sell-off, with oversold conditions and a positive session suggesting a pause in downside momentum, though the broader structure remains vulnerable while price holds below key resistance.
NY 2nd Month Coffee Futures
NY coffee (May) futures edged higher on Tuesday, closing at 297.60. Prices remain above both the 10 DMA at 291.38 and the 40 DMA at 291.15, while still holding below the more important resistance at 314.75 and the 100 DMA at 322.18. The stochastics are rising, with %K/%D diverging on the upside into the mid-range, suggesting improving near-term momentum, while the MACD diff is positive, indicating that downside pressure has eased and that the market is attempting to build a stronger recovery structure.
To confirm the outlook for higher prices, futures need to hold above the nearby DMA support zone and then take out 314.75, which could open the way towards the 100 DMA and then the 330 area. On the downside, failure to hold above the 10 and 40 DMA cluster would weaken the improving structure and expose the 280 level once again.
The recent sequence of firmer candles suggests that buying interest is returning, but futures still need to clear nearby resistance to confirm that the rebound can extend further.
Lnd 2nd Month Coffee Futures
Ldn coffee (May) futures increased on Tuesday, closing at 3351. Prices have moved back above the 10 DMA at 3310, but remain below the 40 DMA at 3557 and the 100 DMA at 3834, which keeps the broader structure under pressure. The stochastics are rising, with %K/%D moving higher out of low levels, suggesting scope for continued near-term stabilisation. However, the MACD diff remains negative, showing that the broader bearish momentum has not fully disappeared.
To confirm a stronger recovery, futures need to build above the 10 DMA and then reclaim the 40 DMA, which would open the way towards 3600 and potentially higher. On the downside, if the move above the 10 DMA fails, prices could slip back towards support at 3166.
The latest rebound from the recent lows suggests the market is trying to stabilise, but while futures remain below the 40 DMA, upside attempts are still vulnerable to renewed selling pressure.
NY 2nd Month Cocoa Futures
NY cocoa (May) settled at 3646, extending the recovery phase and breaking higher out of the recent consolidation range.
Price action has now moved decisively above both the 10 DMA at 3334 and the 40 DMA at 3250, confirming a shift in near-term momentum. The contract is also pushing away from the descending trendline that had capped rallies since mid-2024, suggesting a potential transition from consolidation into a corrective upside phase. However, the broader trend remains bearish, with price still well below the 200 DMA near 5807.
Momentum indicators have strengthened notably. The MACD diff is rising and positive, reflecting building upside momentum, while stochastics are advancing into overbought territory near 74, indicating strong short-term momentum but also increasing risk of a pause or consolidation.
Technically, the next key resistance is located at 4345, which aligns with prior breakdown levels and remains the critical upside barrier. A sustained move towards this level would confirm a broader corrective recovery. On the downside, initial support is now seen at the 40 DMA and the 3300 region, with a break back below this area signalling a loss of momentum and a return to range-bound conditions.
NY cocoa has shifted into a more constructive near-term structure, with strengthening momentum suggesting further upside potential, although the broader bearish trend remains intact unless higher resistance levels are reclaimed.
Ldn 2nd Month Cocoa Futures
Ldn cocoa (May) closed at 2649, continuing to recover from the lows and confirming a short-term base.
Price action has moved firmly above both the 10 DMA at 2454 and the 40 DMA at 2361, reinforcing the stabilisation phase and indicating a developing corrective trend higher. The break above the recent consolidation range marks a shift in short-term structure, although the contract remains well below the 200 DMA near 4075, keeping the longer-term trend negative.
Momentum indicators are supportive. The MACD diff is positive and rising, highlighting improving bullish momentum, while stochastics are elevated near 70, suggesting strong upside pressure but approaching overbought conditions, which could lead to near-term consolidation.
From a technical perspective, resistance is seen initially around 3000, followed by the more significant 4489 level. While below these thresholds, the broader downtrend remains in place. On the downside, support is now defined at the 2400–2350 region, corresponding to the 10 and 40 DMAs, with stronger support at 2050.
In summary, Ldn cocoa is in a clear recovery phase with improving momentum and a confirmed short-term base, but the broader trend remains bearish, with further upside dependent on the market’s ability to sustain gains above the 40 DMA and push towards higher resistance zones.
