Daily Market Price Updates and Commentary 13th August 2025

Raw Sugar Update

After recording a marginal new 2-month high yesterday at 17.05 Oct’25 is positioned to try and continue the push and break away from the recent trading band, with an opening at unchanged and nudge up to 17.02 during the first hour doing providing a solid start from which to continue. Unfortunately for the longs there was some steady selling in place above 17c from growers and so the rest of the morning proved disappointing with day trader long liquidation and subsequent short selling sending the market through to lows at 16.76 ahead of the US morning. As specs continued to drive the narrative, we saw short covering bring values back to overnight levels, maintaining stability but without really looking likely to build upon this week’s progress. There was a fresh push which saw Oct’25 match the morning 17.02 high, however 17.05 proved to be elusive and the price fell back for a second time. On this occasion it was the headline Oct’25/March’26 spread which drew the bulk of the activity as sellers sent the differential down to -0.68 points and in the process pushed Oct’25 to a small daily deficit. This in turn encouraged additional selling into the market through the final part of the day, and so a day which had started with potential concluded at 16.85, by no means reversing recent progress but certainly flagging some questions as to the readiness for a rally considering the late afternoon spread vulnerability.

White Sugar Update

A resurgent market this week has brought July’s $492.00 high mark back into view and though initial values were a touch lower we were soon working back into credit and reached the $488.00 area. Through the rest of the morning the market proceeded to swing either side of unchanged on smaller trader activity, though as noon approached and the busier part of the day drew into view the lack of upside progress was beginning to make some traders edgy. Resultant position liquidation sent Oct’25 down to a low at $483.20 soon after noon, though the movement ended when their selling dried up and values returned to the range still feeling directionless. Volumes were proving to be steady, in large part due to the continuing small trader in and outflows, though increasingly we did return to some upside exploration in conjunction with the No.11 and its own efforts. Across a few waves of buying the price edged its way through some moderate pricing in nearby prompts to reach $490.30 in the spot, though ultimately this gain could not be maintained, and the price fell back to overnight levels across the final hour. Oct’25 maintained a small gain to end the session at $487.20 and value the Oct/Oct’25 white premium firmer at $115.70, all of which maintains recent progress as a largely quiet day concludes.