Raw Sugar Update
There was buying around for the opening which quickly took the market higher, and this maintained the recent trend of positive early movement. Recently it has been the case that the rallies cannot sustain and having reached to 14.48 it became apparent that we were seeing another example of this as March’26 retreated towards 14.30 before the morning was complete. Volume again dropped, with smaller traders providing the only obvious participation and so the day progressed with another prolonged period of sideways consolidation. There was a small dip back into the red during the afternoon with lows at 14.17, but this was gathered up and at no stage did the market appear likely to challenge down into the underlying support which has held us above 14.00. Such was the calm that the final 3 hours saw March’26 remain exclusively in the 14.20’s, with even the close failing to bring any movement. The result was a March’26 settlement at 14.26, while March/May’26 ended a couple of points lower at 0.39, neither of which do anything to change the picture as we hope for a more interesting session tomorrow.
White Sugar Update
Opening levels were higher with the price tracking gains already showing for No.11 and through the first hour March’26 continued ahead to $412.70. Mirroring the pattern of recent days that proved to be the extent of the rally and the market set back to hold a familiar trading band. Despite a setback to overnight levels before the morning was over the general air of consolidation maintained and heading into the afternoon, we saw the price sitting near to $409.00, with no hint of any desire to move in either direction. Indeed, the narrow band endured throughout a very slow afternoon, during which the Dec’25 contract and Dec’25/March’26 spread were providing the only interest ahead of Fridays expiry. The spread value returned to a small discount for the first time in five weeks and reflects a reluctance on the part of potential receivers against the tape, and with another strong volume trading there is certain to be another reduction in the current 17,597 lot open interest figure tomorrow. There was some light buying around heading into the close which ensured a slightly higher close for March’26 at $409.20, while Dec’25/March’26 remained at a discount in ending a small way above its low at -$1.30.
