• Specs have continued to buy in the raw sugar market, increasing their net spec long by over 10k lots (to 262k) as prices steadily rose.
  • This buying was matched mostly by producer selling, increasing the gross commercial short position to 866k lots; the fourth largest on record.
  • Since the data was captured, we have seen prices surpass 15c, before falling sharply below 14c to then recover slightly, suggesting spec buying has slowed.
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Jack Haslam

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