Sugar Breaks Out Of Its Slump

Sugar breaks out of its slump: After several months of posting lower prices, Sugar futures rocketed higher this morning, supported by trade buying and speculative short-covering. Prices started the day higher, following a strong London opening, with trade buyers eager to book supplies below 12 cents. Local buying then emerged, triggering speculative buy- stops above 12.02 in the October contract. Commodity funds then joined the charge, pushing prices sharply higher into the close. Today's strong close may have confirmed a potential rounded bottom chart pattern, which may signal further buying by momentum traders. Read More....