Insight Focus
The raw sugar futures traded above 19c/lb over the past week, but have since declined. Both producers and end-users have closed out their positions. Speculators have added to their long positions.
New York No.11 Raw Sugar Futures
The raw sugar futures started at 18.9c/lb on Monday, traded above 19c/lb until Thursday, but ended lower on Friday at 18.8c/lb.
On the commercial side, both end-users and producers have closed out their positions, reducing their long and short positions by 3k lots of longs and 1.4k lots of shorts respectively. This comes as the May futures expiries come into sight in the coming weeks.
No.11 Commitment of Traders Report (1 April 2025)
Speculators increased their long position by adding just under 2.4k lots of longs and have further closed out 1.2k lots of short positions.
The speculative net-short position now stands at -25.6k lots.
No.11 Open interest
The No. 11 forward curve has flattened across the board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures traded higher throughout the week as it started at USD 534.9/tonne on Monday, reaching a mid-week high of USD 552.9/tonne on Wednesday, before settling at USD 538.3/tonne on Friday.
No.5 Open Interest
The No.5 refined sugar futures curve has strengthened marginally across the board.
White Premium (Arbitrage)
The K/K white premium traded between USD 119.1-123/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
