Sugar #11 Mar’22
A flat opening allowed the opportunity to take stock of the recent recovery and though there was little selling on show to knock things back the same could be said for the long side as we simply edged along for a few hours within a tight band. A short burst of enthusiasm took the price up to 20.35 as the US day got underway but there was no follow on interest and having fallen shy of yesterdays high mark we then turned and retreated sharply with sell stops noted as the price spiked downward to 19.96. In amongst this flat price movement we were seeing a strengthening of the Oct’21/March’22 spread, particularly as the Oct’21 was less impacted by the sell-off which allowed it to reach a daily high at -0.62 points from a starting level of -0.74 points. Activity calmed again during the later afternoon with March finding some light selling to cap things off whenever we approached the teens, and we edged sideways towards the close to conclude an inside day at 20.13.
Sugar #5 Dec’21
As Dec’21 takes over at the front of the board we saw a continuation of the recent resurgence with spec and consumer buying interest combining to take the price further upward throughout the course to reach $519.60, a mere $0.30 shy of the Dec’21 contract high. This set a positive tone for the market ahead of the US day with the potential to continue upwards however the momentum was not maintained and in a relatively thin environment we saw a run of long liquidation send the price tumbling with light sell stops triggered on the way back to $510.50. With the liquidation over the situation was able to stabilise once more though the enthusiasm of buyers had been dulled and so prices struggled to pull back upwards by very far. The close remained at the lower end of the day’s range to leave Dec’21 settling at $512.90, and though we pushed up from here a touch on the post close the nature of todays performance may have some feeling that we have done enough for the short term given that a technical double top has now formed.
ICE Futures U.S. Sugar No.11 Contract
ICE Europe Whites Sugar Futures Contract
