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
ICE Futures U.S. Sugar No.11 Contract
ICE Europe White Sugar Futures Contract