• Last week saw a second consecutive week of good spec buying, with almost 20k lots bought and the gross spec long rising by 14.6k lots.
  • Despite the strengthening price, the specs didn’t buy from industrial producers; it was instead facilitated by the closing of commercial long positions.
  • This suggests that, with the gross commercial short around record levels, there either isn’t a great deal of sugar left to sell, or commercial producers are struggling get market access.
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Jack Haslam

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