The market started strongly as opening buying took the price up from 19.45 and quickly on into the 19.70’s before progress stalled and allowed values to return to the range. There was plenty of positive sentiment driving the move higher with talk that more export licences are being sought in India than will be granted with the 10mmt export cap being invoked, a move which has given the bulls some renewed enthusiasm. Despite this factor and some positive macro sentiment (higher crude values / surging white sugar values) the market was steadfast within the range until the early afternoon when some fresh spec interest took Jul’22 to a marginal new session high at 19.76. That was the limit of the push however with the day trader buying then exiting the market soon afterwards to return values to opening lows. Spec interest remains largely in the hands of the algos and faster moving traders with last weeks COT figure of 121,623 lots long showing that the core long is well set but that all other movements remain short term. The remainder of the session was spent comfortably within the range before Jul’22 settled at 19.56, a positive close though one which does nothing to change the current rangebound parameters between 19c and 20c.
