Daily Market Price Updates and Commentary 11th April 2025

Raw Sugar Update

It was with some relief that the market posted a calmer opening today as May’25 started just a couple of ticks lower at 18.10 and remained a small distance either side of this mark through the early stages. So quiet was the morning that a nudge up to 18.23 was as interesting as things got, the calmer macro background reducing any reactionary activity with traders showing little interest in buying despite a generally green commodity sector being led by gains for metals. The narrow range remained in place until the star of the Americas day at which point some spec buying emerged to bring the price up to 18.31, though the effort to follow the wider sector proved to be brief and it was not too long before the market fell back. This dented confidence and despite outside factors we saw a push lower which ended at 17.91 as the consumer pricing ahead of recent lows generated some better support. Alongside this we were seeing the May/Jul’25 fall back on the final day of the index roll window with the spread seeing narrowest trades at 0.15 points during the afternoon. Having held the 18.00 area through the later part of the afternoon it was appropriate that May’25 settled at this exact mark, a lower close to take us into the weekend still eyeing up the underlying 17.87 / 17.84 initial support. 

White Sugar Update

It was a quieter start to trading today with nearby positions making modest gains initially but without looking to move very far. A brief pullback to unchanged broke up what was an otherwise quiet but steady morning for Aug’25, with a tight range prevailing for the most part as the steadiness enabled nearby premium values to widen by a couple of dollars. Session highs arrived during the early part of the afternoon when the market pushed with help from a little US spec buying, though it lacked substance which left values soon returning towards overnight levels and so disregarding a generally firm macro picture. Smaller traders saw this as a sign to investigate lower again and their chase lower only ended when the market found consumer pricing ahead of $500 with volume sufficient to absorb the remainder of the selling. Values only corrected in a small way ahead of the close as positions were squared off for the weekend, leaving Aug’25 to settle lower at $503.50 heading into the weekend, but with traders still cautious as to what may happen next. May’25 moves closer to an expiry which is likely to see only a small tender. Open interest stood at 4,324 lots today, and with a volume higher than that figure across the session another reduction will likely be seen on Monday. May/Aug’25 saw choppy trading within a $17/$21 band due to a lack of resting orders before ending the day valued at $19.50.