• Speculators have continued their move towards net spec neutrality as uncertainty about direction of price continues, with the No.11 now essentially neutral and the No.5 moving increasingly closer.
  • In raw sugar, commercials built on their record long position – whilst the commercial short position, as well as spec long and short positions, fell slightly.
  • The proportion of positions held by speculators in the No.11 market is now the lowest it’s been since 2013, highlighting their withdrawal from the market during the recent price collapse.

ICE No.11 Futures Speculative Positioning (values as of 24th March 2020)

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ICE No.11 Futures Commerical Positioning (values as of 24th March 2020)

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ICE No.11 Futures Open Interest (values as of 24th March 2020)

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ICE Futures Europe (No.5) Speculative Positioning (values as of 24th March 2020)

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ICE Futures Europe Open Interest (values as of 24th March 2020)

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Jack Haslam

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