1. Reports
  2. Daily Softs Technical Charts

Non-independent Research Daily Softs Technical Charts

Non-independent Research

Daily Softs Technical Charts

Read disclaimer

2nd Month NY Sugar Futures 

NY sugar futures edged higher yesterday as futures surged higher to challenge the 10 DMA at 10.81. The market failed above this level and closed at 10.32. The indicators are falling back into oversold territory, the MACD is negative and lacks conviction. To confirm the rejection of prices at 10.80, prices need to break 10, the 138.2% fib level at 9.51 is secondary. On the upside, futures if prices can gain a footing above 10.80 and then 11 to improve the outlook on the upside.

2nd Month London Sugar Futures 

London sugar futures edged lower yesterday after prices failed to break resistance at 335.07. The market closed at 322.80. The indicators are weakening and this could set the scene for lower prices in the near term. A break of support at 320 would help confirm the descending triangle. This secondary support stands at 310 before the robust level of 300. On the upside, a breach of 332.76 and the 50% fib level would prompt prices to regain some momentum on the upside. We expect prices to remain on the back foot in the near term.

2nd Month NY Coffee Futures 

NY Coffee futures gained ground yesterday as buying pressure prompted a test of 121.50. The market closed just off the highs at 120.70. The stochastics are falling out of oversold territory but the MACD diff is positive and starting to diverge. If prices fail to break above the 38.2% fib level this could set the scene for higher prices to 130. The reaffirmation of support at the 100 DMA improves the outlook on the upside.

2nd Month London Coffee Futures 

London Coffee futures bounced higher yesterday as intraday trading caused a close at 1234. The stochastics are falling towards oversold territory but the MACD diff is positive and the RSI is also improving. The full candle and reaffirmation of support at 123.6% and 1209. A break of resistance at 1268 could set the scene for a test of 1324. On the downside, a break of support at 1200 could trigger losses back to 1173 with the 150% fib level at 1145. We anticipate prices will improve on the upside in the near term.

2nd Month NY Cocoa Futures 

NY Cocoa futures gained ground yesterday, futures were well supported below 2240 prompting a close at 2278. The stochastics are improving and the MACD diff is also positive and diverges on the upside. Futures need to take out resistance at 2300 before targeting trend resistance at 2364. A breakout of the pennant would help improve the outlook on the upside, conversely, a break of support at 2200 and then 2165 would regain downside momentum.

2nd Month London Cocoa Futures 

London Cocoa futures edged higher yesterday as appetite for prices at 1750, prompting a close at 1764. The RSI improves on the upside and the stochastics look set to give a buy signal. The MACD diff is negative but is starting to converge. A breach of trend resistance would set the scene for higher prices in the near term towards 1875 which would help confirm the ascending triangle. On the downside, a break of support at 1729 and then 1700 would prompt rejection of the descending triangle.




This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. Accordingly, the information may have been acted upon by us for our own purposes and has not been procured for the exclusive benefit of customers. Sucden Financial believes that the information contained within this report is already in the public domain. Private customers should not invest in these products unless they are satisfied that the products are suitable for them and they have sought professional advice. Please read our full risk warnings and disclaimers.

Sign-up to get the latest Non-independent research

We will email you each time a new report has been published.

You might also be interested in...

Daily Report FX

A morning report covering fundamentals and technicals for USD, EUR, GBP, JPY, and CHF.

Weekly Report FX Options

Our FX Options Report contains commentary and analysis covering OTC currency option pricing, volatility and positioning. 

Daily Report Base Metals

Our daily commentary, covering market news and closing prices of LME aluminium, copper, lead, nickel, tin, zinc, iron ore, steel, and precious metals.

Quarterly Metals Report – Q3 2022

Our analysts provide an in-depth analysis of the metals market and current macroeconomic conditions. The environment has weakened significantly as growth fears rise amid persistent high inflation. Central banks are data-dependent, which could mean they slow rate hikes as growth starts to slow. This has meant a downside to the US 10yr yield, but also we see a downside to rate hikes in Q4. Europe will likely enter a recession before the US and take longer to recover, but material availability is significantly lower, shown by low inventories.

FX Monthly Report June 2022

Monthly commentary covering the FX markets, providing insights on recent developments on select currency pairs. This month we look into the JPY and the pressure the BOJ is under to change their monetary policy as JPY continues to weaken against major currencies. Economic data is weakening and inflation is less of a problem in Japan, but yields continue to test the cap.