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Sugar prices surged yesterday, hitting a significant milestone of $19.82 per unit, with prospects looking favorable for continued upward momentum. Technical indicators are providing positive support, suggesting a path towards targets at $20.55 and potentially $21.35 in the near future.
However, caution is advised as failure to break through the $19.82 mark could lead to bearish reversals, initiating downward trends with an initial target around $18.90.
Expected Trading Range: Analysts anticipate trading to range between support at $19.40 and resistance at $20.10, indicating key levels to watch amid ongoing market dynamics.
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Global Sugar Market Dynamics: Prices Retreat on Brazilian Production Surge