Raw sugar update
May’25 opened the session at 18.75c and immediately faced selling pressure, spending the morning in a holding pattern with light volumes that favoured bears trading down to 18.62 (daily low). By 12am market drafted a recovery back to 19c but lacked conviction and gains were erased back to 18.84 where it traded around for one hour. Another upside attempt was seen by 3pm, when market reached daily high trading at 19.05, the move was related to rumours of tariffs postponement which were soon denied erasing May’25 values back to the 18.84s. The late hours of the session were weak for May’25 and rest of the board, favouring bears that led market to trade back to 18.68 where it settled (down 0.16points from previous settlement).Volume traded was 88k lots and KN spread strengthened 3 points back to 0.19, move related to short spec rolling. The tone remains weak, and although the range is still holding, market might look to test the lower bounds of the interval.
White sugar update
A volatile session for May’25 started with brief trading near $538 before fading fast under selling pressure, with the market unable to hold gains despite some initial signs of support. Prices slipped lower through the morning, moving below $535.00 with little buying appetite to be found. A short-lived attempt at recovery emerged around 1pm, with a burst of speculative buying briefly lifting May’25 toward $541.00, but the strength was quickly sold into, and the rejection from the highs was sharp. Another upside attempt was seen by 3pm, related to rumours of tariffs postponement which were soon denied erasing May’25 values back to $535s.The late session saw slide further down and inability to hold above the mid $535s adding to the sense of a market still lacking conviction and stuck in short-term trading mode. May’25 settled at 533.9, down $4.4 from Friday’s settlement.
