Today No.11 opened at 18.16, an increase of 3 points from yesterday’s settlement. After the opening, market stayed between the 18.10 – 18.15 until around 11am, when H3 reached the daily high at 18.20 (around 11h30am). Right after that, market dropped, hitting its lowest level of the day at 18.06 but recovered with strength in the following hour. Around 3pm, in a movement mainly driven by UNICA’s data release about the crop, H23 tried to surpass 18.20 for some occasions but it did not go beyond that. Moving to the day’s end, sugar was in a downtrend and fell with a considerable volume on the last minutes. Settlement price was 18.11, -0.02 from yesterday’s settlement and a -0.11% change from the previous session. Mar 23 registered 45K lots of volume, and the H23/K23 spread closed at +0.93.
White sugar market opened with the Mar’23 at the 486.3 level, almost the same price of yesterday’s close (486.5). During the morning, the market opened in a hawkish movement hitting 493.50 around 09h10am. During the day, it has slowly recovered reaching the daily high at 496.10 around 12h20 but fell right after that to 493. Until the last 10 minutes of the session, prices stayed between the 493 – 495 range, when a considerable seller’s volume dropped prices to the lowest level of the day with the Mar’23 valued at 492.80, leading the Mar’23 to close valued at 492.6, a decrease of -2.4USD/Mt (-0.48%) against yesterday’s close. The H3H3 White premium closed at 93.34 and the Mar/May’23 spread at 8.30 USD/Mt.
