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Sugar ETF (CANE) Hits New 52-Week High
For investors seeking momentum, Teucrium Sugar ETF (CANE - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up roughly 90% from its 52-week low price of $7.51/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:
CANE in Focus
CANE follows an index which tracks the daily changes of a weighted average of the closing prices for three futures contracts for sugar that are traded on ICE Futures US. The expense ratio of the fund is 1.79% (see all Agricultural ETFs here).
Why the Move
There was a steep spike in sugar prices in the international market on Friday, following a prediction of a sharp supply shortfall. As per various sources, dismal crop conditions in key sugar producing Asian countries and lowered production prospects in India, the world’s second largest producer, flared up deficit concerns and pushed up prices.
More Gains Ahead?
The fund has a positive weighted alpha of 77.70. A positive weighted alpha hints at more gains.
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