Daily Market Price Updates and Commentary 13th June 2025

Raw Sugar Update

Having fallen to record another set of new lows yesterday some continuation may have been expected, however that was not the case as trading started slightly higher as hedge lifting drew out some light short covering to spike Jul’25 up to 16.50. Trading then settled down and the price stabilized in the vicinity of 16.40, remaining in this area throughout a painfully slow morning which saw little interest from any sector. This apathy contrasted with other areas of the macro, the fundamentals of sugar still discouraging buyers despite Crude making a charge higher following the latest developments in the middle east. Moving into the afternoon the lack of upward movement provided some encouragement to shorts to try and influence the price lower, but though the price nudged back to 16.29 and filled the overnight gap on the intra-day chart there was no further pressure, and the price soon returned to the tedious 16.40 area. Volume was lower than recent sessions now that the index roll window has ended, and while there remains rolling from other trade/fund sources its impact is less. Moving through the final hour the market again began to probe lower into the 16.20’s, though what was to follow on the call was still unexpected. Aggressive selling from specs sent Jul’25 down to 16.07, the size no doubt adding to the existing spec/fund short position which is already anticipated to show an increase when the latest COT data is published later today. Jul’25 settlement was made at 16.13, maintaining the technical weakness and increasing the likelihood that we see a 15c handle on the board soon.

White Sugar Update

There was a bounce as trading resumed with Aug’25 jumping back above $470.00 in the first few minutes and remaining steady to register a high at $471.20. Progressing though the morning volume tailed off and with it we saw values soften by a couple of dollars, but there was no other movement to report as the market quietly awaited some worthwhile input. It was only once we had moved into the afternoon that there was any fresh activity with some light selling arriving to send the prices to new daily lows and erase most of the gain, though having reached $466.80 Aug’25 found some support and recovered into the range against day trader covering. Both spreads and white premium were showing little change on the day as they maintained gains made earlier in the week, leaving a featureless market as we continued to hold the earlier trading range ahead of the final hour. Some pre-weekend selling then arrived from traders keen to maintain the technical weakness and they sent the market to new lows ahead of the call. A final burst of selling the arrived in reaction to No.11 values experiencing a meltdown and sent Aug’25 down to $464.40 at the end of the day, with settlement at $465.30 only a dollar lower but maintaining the vulnerability. Aug/Jul’25 meanwhile ended the week valued at $109.70, emphasizing the greater resilience of the whites at present despite the flat price situation.