• Spec buying drove the raw sugar price above 16c last week for the first time since 2017, increasing their net long by 37.k to 247k lots.
  • Specs bought aggressively, opening almost 40k new long positions, and we also saw strong index buying – trends that were mirrored across soft commodity markets.
  • This buying was facilitated by consumer selling as producers capitalised on the high price to increase their gross position by 56k lots, making it the second-largest commercial short position on record at 901k.
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