Sugar #11 May’22
There was some light selling for the opening which sent values a touch lower, however with no follow on selling the market was quickly able to stabilise. Despite weakness in the wider macro which saw energy prices continuing last night’s weaker showing, No.11 was disinterested in the wider macro and content to trundle along within the range, pulling slowly back up to 19.52 by the end of the morning. In amongst the recent range there are fewer resting orders and so as some selling emerged during the early afternoon the May’22 contract was able to fall easily to 19.25 before finding some support, keeping the price marginally above yesterdays lower levels. Values quietly climbed back up through the range during the afternoon with it being left to the specs to play around, with only spread activity saving volumes from dropping to very low levels. Small swings followed within the band but there was no sign that we could break outside of the existing parameters, leaving an inside day for the charts nailed on. The close played out across the 19.30’s with May’22 settling at 19.37 to take us into the weekend and conclude a forgettable session.
