Sugar #11 Mar ’22
The new year began with some choppy action either side of unchanged levels and though buyers steeled themselves to push March’22 above 19c soon afterwards the move was quickly followed by a rapid collapse back to 18.75 with day traders being whipped back out in the thin environment. With most participants standing aside while the New Year holiday is being observed in many parts of the world the environment remained illiquid throughout the shortened session, leading to further choppy action as the price recovered into the 18.90’s before falling once more, this time to a new session low at 18.68. Two efforts were clearly enough for the speculative element to abandon their interest for the day and the final couple of hours quietened down even further as consolidation took place ahead of the lows. The close played out calmly to record a lower closing price at 18.74 and conclude a dull session.