Insight Focus
Raw sugar futures prices traded between 22-22.8c/lb over the past week. Speculators opened 8,100 lots of long positions. The No.5 net spec position is the highest net spec position seen to date since December 2022.
New York No.11 Raw Sugar Futures
The raw sugar futures market traded between 22-22.4c/lb for most of the week and hit a high of 22.8c/lb on Tuesday. The raw sugar futures market then closed at 22.2c/lb on Friday.
Looking at the commercial side, end-users have reduced their long position by 7,200 lots of longs over the past week, while producers have net closed just under 700 lots of short positions.
Speculators have added to their long position by 8,100 lots of longs and have further opened a minimal number of short positions (1,600 lots).
This has moved the net spec position up to 56,400 lots.
The No.11 futures curve has weakened minimally towards the front of the curve but has flattened for the remainder of the board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures traded between USD 563.6-577.7/tonne and closed at USD 566.6/tonne on Friday.
Speculators opened 2,700 lots of long positions, bringing the net spec position up to 41,800 lots.
The current net spec position has surpassed the net spec position seen during the first week of October at 40,200 lots, which was the highest net spec position seen to date since December 2022.
No.5 Open Interest
The No.5 refined sugar futures curve has weakened between Dec’24 and Dec’25 but remains in backwardation.
White Premium (Arbitrage)
The H/H white premium traded between USD 81-86.4/tonne and closed at USD 86.1.7/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 below this level, signalling to toll refiners to slow their operations.
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
