• The net spec position in raw sugar fell last week for the first time since the start of July, dropping 32k lots from 190k to 158k.
  • This drop in net position was driven by the cutting of long positions, rather than the opening of new shorts – with the gross spec short, interestingly, also reducing slightly.
  • This selling was bought by commercials who were happy to buy as the price weakened below 12c.
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Jack Haslam

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