Sugar #5 Mar’22
With No.11 closed alongside other US based markets we had limited guidance as to how the day might commence, however on the opening call it was only buying to be seen with March’22 immediately spiking up to $508.10. With the initial flurry of activity over we saw the price set back to $505.00, though with the most recent COT data showing that funds have further reduced longs across the sugar sector the sentiment has become a little more positive again and prices soon started to climb back upward. Though progress was steady and volume understandable light the market had returned to session highs by early afternoon with the March/May’22 having touched back above $10, gains which were maintained though into the closing call. Marginal new highs at $508.40 proved to be as far as the market could go today though still represented the highest levels for more than a month to continue the resurgence of last week. March’22 settled at $508.30 to provide a positive platform from which the No.11 can potentially look to also try higher tomorrow.