• In the week up to the 12th January, the net spec position in raw sugar reversed its recent bullish trend and fell by approximately 13k to 234k lots long.
  • This was driven by the cutting of longs and the opening of shorts, with bearish specs seemingly encouraged by the stabilisation of price around 15.6c after initially breaking the 16c mark.
  • However, prices have since rebroken 16c as specs appear to have regained their buying momentum, so we think the net spec position will increase again in next week’s report.
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Jack Haslam

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