It was a case of as you were for the market this morning, a moderately firmer opening against end user pricing serving to allow prices to then consolidate in small net credit, though specs were again absent with the macro resurgence clearly not of interest to sugar. Highs were recorded at 18.81 later in the morning though they proved to be short-lived and when the early afternoon saw prices come up short of this mark it was the signal for the smattering of day traders to exit longs, sending the price back to 18.64 and closing the intra-day chart gap. The afternoon proved to be as slow as the morning as prices continued to drift along within the same familiar range, a small easing back to 18.61 the only point of any note. There was some late interest as Jul’22 drove to 18.88 ahead of the closing call, possibly an attempt by longs to dress the market back higher, however it petered out and so remained an inside day despite a firmer settlement level at 18.78.

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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.

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