• In raw sugar the net spec position fell for a 4th straight week, dropping by almost 17k lots and now sitting at 195k lots long.
• This was caused by the cutting of 25k long contracts by specs, driving the net position below +200k for the first time since mid-September.
• Prices now appear to be in a horizontal range, with this spec behaviour indicative of uncertainty in the market about the direction of price.

ICE No.11 Futures Speculative Positioning (values as of 15th December 2020)

ICE No.11 Futures Commercial Positioning (values as of 15th December 2020)

ICE No.11 Futures Open Interest (values as of 15th December 2020)

ICE Futures Europe (No.5) Speculative Positioning (values as of 15th December 2020)

ICE Futures Europe Open Interest (values as of 15th December 2020)