• The net spec position in raw sugar fell by 8.4k lots in the week up to the 4th of May, standing at 242k lots long, as the K expiry drove the closure of positions.
  • With over 500k tonnes of sugar delivered to the tape, the commercial long and short positions both fell by 30k and 39k lots respectively.
  • The raw sugar price has since strengthened to 17.5c/lb, which is fundamentally expensive, suggesting specs continue to provide price support.
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Jack Haslam

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