Brent crude oil price bounces off lows, sugar price stabilises while orange juice price hits new record high
Brent crude oil price recovers on expectations of extension of OPEC+ voluntary output cuts while sugar price holds at technical support and orange juice futures prices hit yet another record high.
Brent crude oil price breaks through downtrend line
Brent crude oil front month futures prices have regained some of last week’s losses and in doing so have broken through their April-to-May downtrend line at 82.58 which should now act as support. The recovery in the oil price is due to expectations that OPEC+ will extend voluntary output cuts of 2.2 million barrels per day into the second half of the year at its meeting on 2 June.
The 200-day simple moving average (SMA), 10 and 20 May highs at 83.94 to 84.32 are thus back in focus but should at least short-term act as resistance.
Potential slips may find support around the 8 May low at 81.60.
Orange juice futures rally into yet more record highs
Front month orange juice futures have risen for fourteen consecutive days as crop disease and hurricanes hit supply.
On Friday they hit yet another new record high, this time at 466.72, well above their previous November all-time high at 419.22, as shifting weather patterns and the spread of citrus greening, a bacterial disease transmitted by the Asian citrus psyllid insect, detrimentally affects top producers Florida, Brazil and Mexico.
Further up beckons the psychological 500.00 mark.
Sugar #11 hovers above 1 1/2-year low
Front month sugar futures continue to hover above their 1 1/2-year low at 17.99, made last week, as ramped-up sugar production in Brazil improved the global supply outlook.
Below 17.99 lies the July 2022 low at 17.75 below which major support can be seen at the 17.37 to 17.22 August-to-October 2022 lows.
While last week’s high and the April-to-May downtrend line at 18.67 to 18.72 cap, downside pressure should remain dominant.
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