Daily Market Price Updates and Commentary 11th July 2025

Raw Sugar Update

Early trading did not generate a great deal of excitement and while the market was a little softer and traded down to 16.20 during the first 30 minutes it soon recovered into the 16.30’s when a modicum of genuine buying appeared. This set up Oct’25 to mirror yesterdays action through the rest of the morning with the price sitting mainly in the 16.30’s and continuing to consolidate the recent recovery in a quiet way. Having reached 16.43 at the end of the morning the picture turned lower again as some spec selling arrived to welcome in the US Day and send us within a point of the early lows. Volumes were lower than we have seen for a while with small traders dominating, and this was reflected in the next round of short covering which took the market back into the range ahead of a second burst that extended the value up to 16.53. Long liquidation then followed with positions again being swapped out and dropping the market to 16.40, but once that had completed the picture stabilized to enable a positive conclusion to the week. Additional buying across the final 20 minutes took Oct’25 up to a high at 16.60 with settlement made just beneath this at 16.57. Though there remain short term obstacles on the chart to overcome this does provide some positive impetus to continue exploring higher next week and see what the growers have to offer.  

White Sugar Update

Having traded either side of unchanged on the opening we saw a generally solid market look to bed in and trade a similar range through the rest of the morning. There was no activity of interest until the early afternoon when traders began to apply a little more pressure at the top of the board and sent Aug’25 back through the range. New lows were then recorded at $467.40 as traders explored the underlying support, and while there was no buying of significance the pricing proved enough for the market to hold and track along sideways. Smaller traders had been selling the downside opportunity but moved to cover positions soon afterwards, and this had the most spectacular impact of today as the lack of sell orders combined with the buying enthusiasm to see Oct’25 more than $10 above the lows at $479.50. The rally paused as some profit taking from longs combined with an element of trade pricing, but the overall picture remained firm with prices tracking along at the upper end of the range. This stability had Oct/Oct’25 valued above $115.00 once again, but things were not so positive at the top of the board where Aug/Oct’25 was finding some heavy pressure and narrowed back as far as $3.20 with just three sessions remaining until expiry. Oct’25 saw daily highs at $481.30 ahead of the close but settled a couple of dollars lower at $479.20 following some late position squaring, still well placed to continue exploring higher as a steadier week reaches its end.