• The net spec long in raw sugar grew by a modest 4.3k in the week up to the 20th of July and is now stood at 198k lots long.
  • It was a very stable week for positioning, with open interest only changing by 1.7k lots, and the commercial long and short positions changing by +1.6k and -255 lots respectively.
  • The No.11 has since broken above 18c/lb and with commercials seemingly uninterested in buying the market, it’s likely specs were involved in this price movement.
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Jack Haslam

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