Yesterday’s strong recovery provided a good technical base to look higher once again. Gradually market began to push upward breaking above the earlier 13.00 high. Spreads meanwhile were not finding the same level of support as seen yesterday. The upward motion proved to be short-lived as a sharp drop of began a little before mid-session – the lowest point of the day at 12.80c/lb was triggered by a large sell-off. However, market opposition started to deal with this and began a recovery tentative, coming back above the 12.90c/lb. But sell-off orders at low volumes were constantly throughout the second half of session, as a result No.11 traced a continuous downward trend, settling at 12.83c/lb.

Oct – Sugar No.11

undefined

undefined

ICE Futures U.S. Sugar No.11 Contract

undefined

ICE Europe White Sugar Futures Contract

undefined

Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

More from this author