Sugar #11 Mar ’22
There was little expectation upon the market today with the US closed for the Thanksgiving holiday and the day commenced with prices chopping either side of unchanged levels on flimsy volume. Only March22 was seeing any vague interest as intermittent buying emerged to push prices a little further into credit, but though we reached to $514.40 the whole move felt rather convoluted and lacking in the volume required to sustain. The remainder of the afternoon saw a gradual retreat from these highs with some light consumer pricing encountered as prices eased to be within a dollar of unchanged ahead of the close. With total volume having failed to even reach 1,000 lots some MOC selling then sent us out trading at session lows, though settlement was appropriately unchanged at $511.20 to aptly surmise a pointless day.
