Sugar #11 Mar’22
A slightly higher opening provided the opportunity for the market to continue building upon the past two days of gains and the March’22 price steadily nudged up to 20.23 before easing back as long liquidation emerged. Having fallen back to unchanged levels some moderate buying was uncovered and this proved sufficient to stabilise ahead of the US morning when some light buying from spec / day traders moved us back into positive ground. Volume was incredibly light for the flat price while the spread is also seeing reduced activity as the open interest for Oct’21 reduces, now standing at just over 80,000 lots. On the activity we did see Oct’21/March’22 was sold back to -0.80 points discount, providing the only real feature of the day with the flat price still only finding very light interest despite extending slightly further north to 20.27 later in the afternoon. With a broadly friendly macro picture in the background we headed into the close at the upper end of the range, with the final 10 minutes providing more excitement than the previous hours as MOC buying sent the price upward to 20.34, capping off a third consecutive day of gains and bringing last weeks high mark at 20.37 into close view as the longs look to build on the opportunity.
Sugar #5 Dec’21
Dec’21 jumped up above $511 on the opening and despite soon falling back towards overnight levels the lack of depth allowed a second push on low volume to take the price onward to $512.70 midway through the morning. A period of drift followed with the price slipping back into the range though with Dec’21 volume remaining beneath 500 lots as we moved through noon it was proving tricky to get too excited about it. With no news to provide a spark and precious little volume changing hands the afternoon proved tedious, though prices remained at the upper end of the range to encourage the longs that there may be the opportunity to explore the technical resistance with a look at the double top. Having endured such a slow session the final minutes brought some small excitement with a push upwards to $514.00, enabling a positive settlement at $513.40 as longs look to build, though we may well need the macro to remain positive if their efforts are to bear fruit.
ICE Futures U.S. Sugar No.11 Contract
ICE Europe Whites Sugar Futures Contract
