Daily Market Price Updates and Commentary 12th November 2025

Raw Sugar Update 

Amidst a series of slow trading sessions this morning was proving quieter than most with March’26 continuing either side of 14.20 on limited activity. Lows were recorded at 14.18 during the first hour and it appeared that even the smaller/day traders have retreated from the market as the spot month saw barely 6,000 lots change hands throughout the morning. Initially the afternoon failed to bring any fresh interest, and while there was then some interest from Americas based specs which took the spot upward to 14.42 it lacked the substance to punch the price outside of yesterdays parameters. The situation changed after a pause, and some light short covering provided the impetus to move beyond 14.50 for the first time in a week, though the move faded and the price did not move further than 14.56 to leave the value still some distance short of last Mondays 14.73 mark. Spreads were slightly higher on modest volume, with the flat price rally helping March/May’26 out to 0.45 points, while March’26 found continuing support as it looked to hold above 14.50 into the close. This was successfully achieved with a close posted at 14.52, providing some small brightness to the picture despite the prevailing rangebound parameters. 

White Sugar Update 

March’26 lost a little ground through the opening exchanges and recorded lows at $407.50, however as with recent days there was only limited flat price input being seen and the market broadly headed sideways after the early hedging requirements had concluded. Dec’25/March’26 was continuing to trade at a small discount, however the sell side was lacking the aggression of recent days and so the pressure from the top of the board released and enabled prices to drift calmly. This was in part due to another reduction in the Dec’25 open interest to 12,645 lots, and while this figure would still represent a sizable tender it does show a reduced appetite to take delivery. We had to wait until the afternoon for any dynamic movement with the buyside attracting some interest and bringing March’26 up to $413.80, the first in a series of stops as the market punched ahead to its highest level this month. Highs were recorded at $417.70 during the final hour and the gain was largely consolidated into the close with a settlement made at $416.40. Dec’25/March’26 maintained its return to a small premium with a close at $1.40, and with no sign of a squeeze as we head towards Fridays tender it may just have found its level.