Yesterday’s relatively poor showing set the tone for early activity with nearby prices losing further ground during early trading before consolidating the 10.60’s. Volume remained light with the trade standing away from the market as we continue to play the same broad range, while spec activity has also slumped. We continued at the lower end of the range until the early afternoon when reports that Opec may extend the production cuts through the rest of 2020 sent WTI and the wider energy sector back upwards, with spec buying emerging to track the macro once again. This simply pulled values back towards unchanged levels however and lacking the strength to mount a more serious push back up we remained in this area to conclude a slow day with Jul’20 settling unchanged at 10.80.

N.o 11 Futures

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ICE Futures U.S. Sugar No.11 Contract

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ICE Europe White Sugar Futures Contract

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Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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