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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. The fund just hit a 52-week high, and is up 22.9% from its 52-week low of $8.56 per 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 of where it might be headed:
CANE in Focus
The underlying ICE No. 11 Sugar Futures Contract looks to reflect the daily changes of a weighted average of the closing prices for 3 futures contracts for sugar that are traded on ICE Futures US. The fund charges 22 bps in fees.
Why the Move?
Raw sugar futures in the United States are hovering around the six-year peak due to tight supply from the world’s top producers. India revised sugar production expectations lower to 34.3 million tonnes in the current marketing year, as lower solar radiation weighed on crops and resulted in early maturation of the incoming cane harvest, as quoted on tradingeconomics.com.
More Gains Ahead?
The fund has a positive weighted alpha of 22.20. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.