Sugar heading for multi-year lows
Is easy to see that the $20 zone is key for sugar, the price broke below it in April and it has not been able to come back above
The price has dropped more than 36% since it peaked in November of 2023 and this week just made a new 52-week low
The next key level is at $17.50, the daily chart already gave a sell or short signal
A follow through below this level could lead to a good gain in the short side
Also, could lower sugar prices lead to higher oil prices?
Remember that oil prices tends to be inversely correlated with the price of sugar, primarily due to its impact on ethanol production and the competing use of sugarcane for fuel versus food.
The price has dropped more than 36% since it peaked in November of 2023 and this week just made a new 52-week low
The next key level is at $17.50, the daily chart already gave a sell or short signal
A follow through below this level could lead to a good gain in the short side
Also, could lower sugar prices lead to higher oil prices?
Remember that oil prices tends to be inversely correlated with the price of sugar, primarily due to its impact on ethanol production and the competing use of sugarcane for fuel versus food.
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