Daily Market Price Updates and Commentary 11th September 2025

Raw Sugar Update

It was a quiet start to trading which saw Oct’25 holding a narrow band wither side of 15.90, and with the 16c area overhead still providing psychological resistance the market continued within a 15.85/15.99 range for the duration of the morning. Given that prices have stalled in this same area for a second day it was no surprise to see the smaller traders return to the short side and start to push values back down through the range during the afternoon, with their efforts taking us back to 15.72 before short covering kicked in. Values then sat quietly towards the centre of the range, remaining here as we moved into the final hour. Amidst the monotony of the flat price it was the penultimate day of the index roll which continued to generate most activity (almost 70% of volume for the nearby two prompts) as they met with other trade and fund entities to see the spread trading across the -0.60’s before ending a little lower at -0.68 points. A small nudge up to 15.90 was rebuffed ahead of the close with a few thousand lots changing hands as defensive selling left Oct’25 closing at 15.82. 

White Sugar Update

Early trading was centred around unchanged levels with market activity proving to be calm as traders digested the recent effort to move back upwards and ascertained their next move. There was clearly no consensus at this stage with the morning selling the price flit around in the mid $460’s without developing much of a trend and seemingly awaiting the busier afternoon period for inspiration. By this stage, the price had eased down to the lower end of the narrow morning band, movement which seemed to tilt the balance in favour of playing the short side. Outright activities remained rather sedate and though the price edged steadily down to $461.30 over the next couple of hours there was no sign of the selling rising to the levels required if we were to revisit Mondays $454.00 low. Oct/Dec’25 was still active as despite positions reducing ahead of expiry (Open interest is down to 13,132 lots), and it remains the buy side which is seeing the most aggressive interest with highs at $26.30 late in the afternoon. For Dec’25 the late afternoon saw prices remain within a small band just above the lows, leading to a close at $462.20. March/March’25 was weakening through the afternoon and went out valued at $91.40, which alongside the flat price movements points downside continuation as the more likely direction.