• The Net Spec Long Position in raw sugar increased for the first time in a month in the week up to the 29th of June, rising by 5.5k to stand at 190k lots.
  • This increase is maybe not as bullish as it first appears as it was driven by the closing of shorts, rather than the opening of more longs, with the Spec Short falling by 6.7k and the Spec Long falling by 1.2k.
  • Since the data was captured, however, the No.11 has broken above 18c/lb and, with commercial buying interest still appearing weak, this suggests speculators may be buying the market again.
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Jack Haslam

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