• In raw sugar, commercial consumers continued to buy aggressively in the run up to the March expiry, increasing their gross position by 30k lots.
  • This buying was matched mostly by producer selling, and the commercial short position is now at a record level of 937k lots.
  • Speculators were less involved the market, with the net long position falling by 7k after a comparatively modest 4k long and 11k short positions were opened.
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Jack Haslam

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