Following yesterday’s aggressive slide downward to a new low for the year, today’s session represented consolidation as prices traded broadly sideways around the previous session’s close. Within the first hour of open the V24 traded up 10 points before finding resistance around 17.7c/lb, from there quickly working back down toward yesterday’s floor of around 17.6c/lb. From here little happened aside from another small spike on the US open, and a further concerted move on better volume to break back through 17.7c to the upside in the afternoon. This however came to little as prices walked back down toward 17.6c again, before closing the day close with small gains at 17.73c/lb (settled at 17.65), on much lower volume than Tuesday.
The white sugar market followed a similar pattern to the raws over the first few hours of the session, a brief attempt to regain ground lost on Tuesday before a return the current floor at around 502.5USD/mt. The afternoon showed slightly more positive as modest gains throughout the next few hours saw the V24 briefly trade back to almost 508USD/mt, allowing the VV24 white premium to recover some of the losses the previous day. From here the market went on to close at 505.6USD/mt, a small amount higher than it opened.
