Daily Market Price Updates and Commentary 31st March 2025

Raw Sugar Update

The No.11 today opened the session at 19.00 but came under light pressure immediately, slipping down to 18.80 by 09:00 as early selling chipped away at overnight support. The mood remained subdued through most of the morning, with values holding near the lower end of the range towards 18.72 and offering little incentive for either side to commit meaningfully. Momentum began to shift around midday, when light commercial interest and some US positioning pushed the contract into a firmer trajectory. This mild uptick gave way to a more decisive move in the early afternoon, as it climbed steadily through 19.10 before topping out at a session high of 19.31, the strongest level seen on the day. However, the move higher wasn’t sustained. Resistance around the 19.30 mark proved firm, and the rally was met with steady profit-taking and speculative liquidation. By mid-afternoon, the price action began to roll over, giving way to a slow but persistent decline through the remainder of the session. Selling into strength dominated the final hours, and values drifted back down, ultimately pressing towards 18.87 as momentum ran out of steam. May’25 eventually closed at 18.85, down from the open and well off the highs, in what can best be described as a two-way session that failed to offer any clear conviction. The broader 18c–19c range remains intact, with today’s action doing little to suggest a break is imminent. 

White Sugar Update

No.5 opened the session at 533.10 and spent the early part of the day consolidating in a narrow range just above the 531.10 low, with participation limited and direction absent. A lethargic morning gave way to a more constructive tone around midday, where some light buying interest began to develop, gradually nudging the contract higher. The real momentum emerged from early afternoon onward as a wave of technical buying and potential short covering sparked a sharp rally. The contract pushed firmly through 540 and then extended aggressively, peaking at a session high of 548.70 around 15:15 in what appeared to be a test of recent resistance levels. However, the rally proved too steep to sustain, and the rejection at the highs was followed by a swift reversal. The second half of the session was dominated by steady long liquidation and profit-taking, with May’25 slipping gradually but consistently through the afternoon. By 16:00, values had fallen back through 540 and showed little sign of recovery, eventually drifting down towards the mid-530s. Late-day selling into the close saw the contract print back down to 534.90, just above where it began, capping off a round trip that left little behind other than intraday noise. While the sharp move to 548.70 might have sparked some optimism, the inability to hold gains reaffirms the presence of a strong overhead supply. The flat price action underscores how difficult it remains for the market to break free from the 530–550 range that has characterized recent sessions, and today’s fade from the highs may discourage further near-term bull attempts without fresh catalysts.