• Spec involvement in raw sugar grew significantly for the first time since the impacts of COVID-19 were first felt on markets in early March; specs both bought and sold the market.
  • The net long fell as specs sold more heavily than they bought across the week; this was driven by a large move on the day of CFTC data collection and pushed price towards 11.30c.
  • However, we have since seen a price recovery, towards the 12c-11.50c region, suggesting the specs weren’t able to sustain this selling.
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Jack Haslam

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