Sugar #11 May’22
Opening activity was mixed however this soon gave way to a renewed push higher from the smaller specs who were buoyed by positivity in the wider macro and sent May’22 rallying back up into the 18.90’s over the first hour. The price topped out at 18.97 which failed to completely fill the gap to 19.00 which was established on Tuesday morning, and with the spec buying starting to ease the market calmly ticked back down into the range which some stability was found either side of 18.80. Following the slight recovering in May’22 spread values yesterday there was no great continuation on this move and without this impetus it was very easy for the situation to settle down onto one of calm consolidation to leave proves heading sideways ahead of the Americas day commencing. The afternoon brought little sign that US based specs had any great interest in proceedings with volumes remaining light, and this left prices to continue along disappointingly within the same sideways band. Day traders persisted in playing from the long side through the final couple of hours without threatening the morning highs before late position squaring pulled values back and left settlement at 18.69.
