• Speculators bought the raw sugar market very aggressively in the week up to the 20th April, increasing their net position by 50k to 220k lots long. 
  • This increase was driven by both the opening of 34k new spec long positions and the closing of 16k shorts, with the corresponding selling coming from commercial longs ahead of the K expiry. 
  • This helped drive the price to just below 17c/lb, where it has remained since. 
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Jack Haslam

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