Insight Focus
Raw sugar futures traded higher between 22-23.5c/lb. Producers opened over 100,000 lots of short positions. Speculators are no longer net short in the sugar market.
New York No.11 Raw Sugar Futures
The raw sugar futures market traded higher between 22-23.5c/lb over the past week, closing at 22.8c/lb.
On the commercial side, producers have taken great advantage of the price strength as they opened a significantly large number of short positions at 100,400 lots of shorts. End users have opened 26,900 lots of long positions.
Speculators have reduced their short position by 21,500 lots of shorts, while opening 32,400 lots of long positions.
The net spec position now stands at 56,400 lots.
The No.11 futures curve has flattened for the most part and has strengthened between Jul’25 and Mar’27 but remains in backwardation across the board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures traded between USD 576-597.1/tonne and closed at USD 576.2/tonne.
Speculators opened a significant number of long positions at 12,300 lots of longs, bringing the net spec position up to 36,300 lots.
Note that this is the highest net spec position seen so far in 2024 and the last time the net spec position was seen at similar levels was in January of 2023.
No.5 Open Interest
The No.5 refined sugar futures curve has weakened towards the front of the curve but has strengthened from Aug’25 onwards.
White Premium (Arbitrage)
The H/H white premium traded between USD 82-89.4/tonne and closed at USD 82.1/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.
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
