A morning of quiet consolidation in the 13.70’s with an new recent high recorded at 13.79 had many anticipating a continuation of yesterday’s ascent, buildingupon the positive technical picture. Instead the busier afternoon period saw values pull back a little into the range, and while the slide was by no means critical it did take the shine away from yesterday’s strong technical showing having settled above the former 13.67 high. I would suspect the failure of crude prices move higher alongside sugar yesterday has removed some of the urgency from specs to keep adding to longs at this stage, though the story has not changed and the tensions between the US and Iran will continue to be eagerly watched as we move forward. Closing values remained towards the bottom of the range with March settling at 13.59.   

undefined

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.

More from this author