Insight Focus
Raw sugar futures prices traded between 21-22.4c/lb over the past week. Speculators closed out 14,900 lots of long positions. Both the No.11 and No.5 futures curves have strengthened.
New York No.11 Raw Sugar Futures
The raw sugar futures market traded between 21-22.4c/lb over the past week and closed at 22.1c/lb on Friday.
Over the course of last week, end-users have opened 12,200 lots of long positions, while producers reduced their short position by just under 6,000 lots of shorts.
No.11 Commitment of Traders Report (22 October 2024)
Speculators have closed out 14,900 lots of long positions and have added to their short position by 10,250 lots of shorts.
The net spec position has moved down to 31,300 lots.
The No.11 futures curve has strengthened across the board and remains in backwardation.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures traded between USD 561-571.1/tonne and closed at USD 566.2/tonne on Friday.
Speculators closed out 500 lots of long positions, bringing the net spec position down to 41,300 lots.
No.5 Open Interest
Following a similar trajectory to the No.11 raw sugar futures curve, the No.5 refined sugar futures curve has also strengthened across the board.
White Premium (Arbitrage)
The H/H white premium traded between USD 85-88.2/tonne and closed at USD 86.7/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
