Insight Focus
Raw sugar futures traded lower between 17-18.6c/lb. Producers closed out a significant number of positions. Speculators have added heavily to their short position and are net short in the sugar market by -62,800 lots.
New York No.11 Raw Sugar Futures
The raw sugar futures market traded lower between 17-18.6c/lb over the past week, closing at 18.5c/lb on Friday.
Speculators may have been behind movement as they have added heavily to their short position, opening 21.9k lots of shorts. They have opened a minimal number of long positions, adding less than 500 long positions.
Speculators are now net short in the sugar market by -62,800 lots.
Producers have closed out a significant number of short positions at 11,000 lots. By contrast, end-users have opened 11,800 lots of long positions.
The No.11 futures curve has strengthened across the board and is in backwardation from March’25 onwards.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures traded lower over the past week between USD 507-527/tonne, closing at USD 526/tonne on Friday.
Speculators closed out 5,000 lots of longs bringing the net spec position down to 12,800 lots.
No.5 Open Interest
Over the past week, the No.5 refined sugar futures curve has strengthened across the board.
White Premium (Arbitrage)
The V/V white premium, traded lower last week between USD 113-119/tonne, closing at USD 118.6/tonne on Friday.
Many re-export refiners need around USD 105-115/tonne above the No.11 to profitably produce refined sugar. The current white premium is just above this level.
For a more detailed view of the sugar futures and market data, please refer to the appendix below.
No.11 (Raw Sugar) Appendix
No.5 (White Sugar) Appendix
White Premium Appendix
