• In the week up to the 27th April, the net spec position in raw sugar grew by 30k lots, to stand at 250k lots long, as spec buying drove price towards the 18c mark.
  • The gross commercial long position fell, suggesting that consumers were not buying the market; this means the spike in price has been driven by speculators.
  • Prices have started to steadily fall since the data was captured, and with the K contract expiring last week, they’re now back below 17c as time pressure on buying has relaxed.
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Jack Haslam

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