Daily Market Price Update and Commentary 27th August 2020

The usual slow morning volume enabled prices to drift lower once again although selling pressure was limited and we stopped well above the recent 12.41 low, reaching only 12.50. With little fresh news to impact the market we continued near to the lows until receiving a boost from the macro which initially responded well to Federal reserve chair Jerome Powell’s virtual Jackson Hole address. This sent Oct’20 briefly to 12.70 before correcting back into the range, though despite a cooling in the macro soon afterwards as the speech was analysed No.11 soon found another burst of spec/algo buying which sent values to fresh session highs. Specs were now encouraged to maintain their efforts (albeit on modest volumes given the limited selling around these levels) and ultimately achieved an Oct’20 settlement level at 12.77 to reverse yesterday’s losses at the end of a largely quiet day.

Oct – Sugar No.11

ICE Futures U.S. Sugar No.11 Contract

ICE Europe White Sugar Futures Contract