Insight Focus
Raw sugar futures continued trading higher. Speculators were the more active participants in the market. Both the No.11 and No.5 futures curves have flattened.
New York No.11 Raw Sugar Futures
The No.11 raw sugar futures reached a high of just under 19.7c/lb on Tuesday of last week before closing at 19.4c/lb on Friday.
Speculators were the more active participants in the market last week as they opened 5.9k lots of long positions and added to their shorts by 4.1k lots of shorts.
No.11 Commitment of Traders Report (04 February 2025)
The net-short position has changed minimally and now stands at -127.1k lots.
Commercial participants opened a small volume of both long and short positions as producers opened 1.5k lots of short positions while end-users increased their longs by 675 lots.
The No. 11 forward curve has flattened across most of the board.
London No.5 Refined Sugar Futures
The No. 5 refined sugar futures traded between USD 522-528/tonne throughout the week before closing at USD 517.7/tonne on Friday.
No.5 Open Interest
The No.5 refined sugar futures curve has mostly flattened but weakened very minimally between Aug’25 and Mar’26.
White Premium (Arbitrage)
The H/H white premium traded between USD 89.5-93.4/tonne over the past week.
This is below the level at which many of the world’s re-export refiners can operate profitably.
For a more detailed view of the sugar futures and market data, please refer to the appendix below.
No.11 (Raw Sugar) Appendix
No.11 Open Interest
No.5 (White Sugar) Appendix
White Premium Appendix
