Daily Market Price Updates and Commentary 12th February 2026

Raw Sugar Update

The day started calmly with both March’26 and May’26 printing either side of overnight levels, though it was quickly becoming apparent that the fall to contract lows had not garnered much physical interest. This started to weigh upon proceedings through the morning with specs still pressing from the short side, and their most aggressive activity sent March’26 down to 13.67 and May’26 to 13.34 before finding some respite. Into the afternoon there was a chance for outright positions to breathe with values holding a small distance away from the lows, and smaller traders took this as a signal to take some cover and in doing so spiked prices to highs at 13.92 and 13.56 respectively. As the underlying levels illustrate the March/May’26 spread was holding either side of 0.35 points, with lower (but still considerable) volumes being seen for the final day of the index roll with many in the trade and hedge fund community already having moved much of their requirements down the board. Prices traced back over the rest of the afternoon but in the absence of any sign of fund selling there was no threat to the earlier lows. March/May’26 dominated the later stages as the index sector produced a final late flurry of selling which sent March/May’26 to a low of 0.26 points, settling just a single point above this mark. This left settlement of 13.75 in March’26 and 13.48 in May’26, still technically vulnerable though with less fund selling around potentially closer to a near term bottom. 

White Sugar Update

Aggressive selling across the first 15 minutes of trading sent May’26 down to $401.30, placing immediate pressure upon the market and the $399.90 contract low mark. A small pause did not bring any buying interest and so by the middle of the morning we were probing at the $400 mark where some more substantial buying was placed. It did not hold the market for long however and traders reacted with additional selling as the market pushed through which sent the price to $398.20, though additional progress proved impossible as buyers also reacted and took advantage of the lower levels to continue pricing. Moving into the afternoon the price remained at the lower end of the range, centred around the $400.00 mark, only moving when a burst of short covering took it briefly up to $403.70 before easing back again. At the top of the board March’26 was moving through its penultimate session in a rather orderly way, much of its movement being driven by the spreads where early March/May’26 gains to -$14.70 had been unwound, and leaving the value to cling to the -$20.00 mark for a period. More lows were plunged during the final hour as a lack of liquidity saw desperate sellers send the value as low as -$25.00, heaping more pressure on the market despite May’26 resolutely looking to dig in ahead of $400.00. It did this successfully and ended the day at $400.90, while March/May’26 closed right around its lows at -$24.80. White premiums continue away from recent highs with May/May’26 valued at $103.70.