Insight Focus
The raw sugar futures market traded lower over the past week. Speculators added heavily to their long positions. On the commercial side, producers continued adding to their cover.
New York No.11 Raw Sugar Futures
The raw sugar futures traded gradually lower over the past week, hitting a high of 19.5c/lb on Tuesday, before closing at just under 19c/lb on Friday.
Speculators have shown little interest in building a large, long position in sugar over the past year. However, for the second consecutive week, they have added significantly to their long position, increasing it by 17.3k lots of longs.
No.11 Commitment of Traders Report (25 March 2025)
Speculators have also added to their short position by 4.6k lots of shorts and the speculative net-short position now stands at -29.2k lots.
On the commercial side, producers continued to add to their cover, opening 13.8k lots of short positions. Contrary to end-users who reduced their position by 5.3k lots of long positions.
No.11 Open interest
The No. 11 forward curve has weakened between May’25-May’26 but has flattened across the rest of the board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures also gradually declined throughout the week as it started at USD 542.2/tonne on Monday before settling at USD 535.7/tonne on Friday.
No.5 Open Interest
The No.5 refined sugar futures curve has weakened across the board.
White Premium (Arbitrage)
The K/K white premium traded between USD 113.7-117.7/tonne over the past week.
For a more detailed view of the sugar futures and market data, please refer to the appendix below.
No.11 (Raw Sugar) Appendix
No.5 (White Sugar) Appendix
White Premium Appendix
