Market Leader informed
Next week sugar prices in London and New York will remain generally stable. This follows from a survey held by Bloomberg.
5 out of 12 analysts, brokers and traders surveyed by the agency don’t expect any significant fluctuations of raw sugar in New York during this week’s trading that will be over on 23 December. On Friday, 24 December, New York and London Commodity Exchanges will be closed because of Christmas Eve.
Sugar prices grew in New York based ICE Futures U.S. as experts of the Masterforex-V Trading Academy pointed out in an article. They added almost 7%.
Analysts of the Market Sentiment Analysis Department within the Masterforex-V Trading Academy point out that the current situation in the market seen in the weekly chart of sugar futures is similar in behavior to the sweet futures late in 2009 when prices spiked before New Year (December 2009), growth stopped and retraced during the last, pre-New-Year week. We can witness a similar situation now. Further details are below.
Last week sugar futures (SB) went from $29.7 to 32.97 and looked like an up-bar with a very wide range supported by larger volumes which is surely a sign of market strength. Monday session started with a break of Friday’s high and reached $33.5. No sudden changes in the futures price should be expected, most likely, in the week to come because of the celebration of catholic Christmas.
The futures maintain its uptrend. A pullback is possible after a spike last week with a depth limited at $31.55. Most likely, price fluctuations won’t be wide and will center around $33.3. Post-New-Year trades will bring further price growth. If the level at $33.5 is broken as supported by market strength signs we can see the sugar futures trade at about $35.
Source: Market Leader
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