Daily Market Price Updates and Commentary 12th September 2025

Raw Sugar Update

Oct’25 was tracking around in familiar territory this morning as the first hour saw prices between 15.74/15.85 on limited activity. The final day of the index roll was proving to be the greater focus, and this left the flat price to drift through the later part of the morning and extend the range slightly lower, with lows made at 15.67 ahead of the US Day. This too failed to bring any inspiration to the outright market, and while prices were able to erase some of the loss and move back into the 15.70’s the feeling was that even the smaller traders were winding down positions ahead of the weekend and not prepared to take risk in such a stale environment. The Oct’25/March’26 spread meanwhile lost some more ground and moved to -0.73 points as it again made up the largest proportion of volume, but the rest of the spreads were proving as quiet as the outrights. Oct’25 was pushed up to a daily high at 15.86 as some traders looked to end the day on a positive note, but it did not sustain this price until the close. That move was possibly an assumption of another increase in the fund short for tonight’s COT and a belief that they will have more limited capacity to add further, but whatever the motive the late liquidation left us at 15.79 going out and unchanged parameters for when we resume on Monday.  

White Sugar Update

Though the early part of the day saw a little buying which took Dec’25 up to $463.80 it was limited hedge lifting and once completed the market slipped back to a small net deficit. The environment became choppy through the morning and Dec’25 was seeing trades beneath $460.00, though scale down pricing was proving supportive interest when it ventured in this direction. Lows were recorded at $459.20 during the early part of the afternoon, and while they were not challenged again the mood was still leaning to the negative with values ending along in the low $460’s and showing no enthusiasm to rally. White premium values were losing a little more ground with March/March’26 touching at $90.00 intra-day and suggesting that the downside remains a more likely near-term path. There was a small amount of buying during the final hour which pulled the market up a touch to end at $462.40, a disappointing level at which to end a poor week for the market.
Oct’25 moves into Mondays final session at $485.20 with the Oct/Dec’25 spread still holding firm at $22.80. Open interest stands at 10,381, suggesting that we will see a reasonable quantity tendered.