No.11 Mar’23 contract opened today at 18.10, -0.01 change from yesterday’s settlement. Right after the opening prices went down to the 18.05 level, coming back to opening levels at 10am. Raw sugar remained under pressure for the following hours reaching 18 around 11am. The next hour marked an attempt to recover, back to 18.08 zone, but upward spikes did not last for long and market kept going down. At 2pm, market was trading at 17.92. A large buyer pushed market again to 18.08 for a quick moment, but market did not reach and new lows were recorded at 3h30pm. From that time until the end of the session, the daily trend kept acting and market settled at 17.86, a -0.25 change from yesterday’s settlement (-1.38% change). H3K3 spread closed at 0.94 and volume was 60k lots. Today’s session is the 9th day of market going down pressured by trading with considerably high volume below the moving averages.
Whites Mar’23 opened at 492.5, a –0.1 USD change from yesterday’s settlement. In the initial moments of the trading day, white sugar showed some strength trading at 494.1, which ended up being the daily high. Around 9h30am, market lost power and was trading around 492. Price swings were seen between the 492 and 493 range from 10 to 1h30pm followed by a downward gap that brought the market to the 491 zone in the early afternoon. The next hour was the last price recovery attempt, market was trading at 492.5. From 3pm until the end of the trading session a bearish market confirmed the trend seen earlier, leading to a closing price of 488.6USD/Mt. Settlement was 488.1 USD/Mt, -0.91% change from previous settlememt, white premium closed at 94.35 USD/Mt and H3K3 spread closed at 7.4 USD/Mt.
