The strong market from this week consolidated, leading H23 to trade above 20s for another session. Today market opened at 20.65, +7 points above yesterday’s settlement, initially demonstrating market would keep its recent bullish trend mainly held by specs still buying. Not long after the opening, a strong push took Mar’23 to 20.80 and for the next hour, aggressive buying power was still acting, and considerably high trading volumes led raw sugar contract to almost break through 21c. The daily high was registered around 9h30am at 20.99 and did not last for long, market quicky saw a correction and was trading back to the 20.85 levels. At 12, selling increased and trading levels were readjusted to the 20.65s zone until 4pm when market recovered to the 20.80s, trading sideways between 20.70 and 20.80, to close valued at 20.74. The settlement price was 20.75, +17 points from previous settlement (+0.83% change). SB H3K3 spread kept strengthening, closing at 1.43. The volume traded was smaller than last days, 48k lots.
Whites H23 opened at $566.4, a $2.3 change from yesterday’s settlement. Just after the opening, market aggressively went trading upwards, consolidatingthe gains from the last days. At 9h30am, following raw sugar, big buying power took traded levels to $574. The big push was not sustained for long, and prices came back to opening levels at 10h30am, which gradually adjusted to $564, trading sideways between $564 and $567 until the end of the session, closing valued at $565. Mar’23 settled at 566.1, a $2.0 change from yesterday’s settlement (+ 0.35%). The white premium lost a bit of power, closing at 108.86.The Mar/May spread closed valued at $22.
