Insight Focus
The raw sugar futures market traded higher over the past week. The price rally was met with heavy producer selling. Speculators have also added to their long positions.
New York No.11 Raw Sugar Futures
The raw sugar futures traded close to 20c/lb throughout the past week and eventually hit 20c/lb on Thursday before closing at 19.7c/lb on Friday.
Producers have taken advantage of last week’s price strength as they added heavily to their cover, opening 34.9k lots of short positions; a good thing as producers have been underhedged by historical standards. Conversely, end-users have closed out 5.6k lots of long positions.
No.11 Commitment of Traders Report (18 March 2025)
Speculators have added a great number of long positions over the past week, opening 28.8k lots of longs. They have further closed out 9.1k lots of short positions.
The speculative short now stands at -42k lots.
The No. 11 forward curve has weakened towards the front months and has further flattened across the board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures started trading at USD 564.8/tonne at the start of the week and then gradually declined throughout the course of the week, eventually closing at USD 552.4/tonne on Friday.
No.5 Open Interest
Like the No.11 raw sugar futures curve, the No.5 refined sugar futures curve has also weakened towards the front months.
White Premium (Arbitrage)
The K/K white premium traded between USD 117.7-124.5/tonne over the past week.
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
