No.11 opened the session at 15.03 and initially traded on the back foot, slipping toward the intraday low of 14.95 during the morning session. After the early weakness, the market gradually stabilised and spent much of late morning and early afternoon consolidating in a relatively tight range before stronger buying interest emerged later in the day. Momentum improved notably through the afternoon session, with prices pushing steadily higher and eventually testing the session high at 15.40. The late rally reflected firmer sentiment and helped the market recover comfortably from the morning lows. No.11 ultimately settled at 15.39, up on the day and just shy of the session high, suggesting buyers retained control into the close.
ICE Europe White Sugar Futures Contract
Settlement (US$/mt)
Open
High
Low
Last
Volume
O/I
Life High
Life Low
Aug26
455.40
13.70
▲
442.20
455.80
442.20
455.30
9,745
58,102
519.20
392.30
Oct26
453.40
13.20
▲
441.30
453.70
441.20
453.40
4,844
29,404
514.40
391.10
Dec26
454.50
12.00
▲
443.40
454.80
443.40
454.30
2,773
15,915
514.40
393.20
Mar27
458.90
10.80
▲
448.80
459.10
448.80
458.80
974
14,024
511.80
398.00
May27
461.10
9.80
▲
451.90
461.20
451.90
460.90
420
2,860
495.00
401.40
Aug27
461.40
9.10
▲
454.10
461.50
454.10
461.50
43
2,921
491.50
404.30
Oct27
462.70
8.70
▲
462.00
462.90
461.70
462.90
27
1,396
491.00
408.20
Dec27
466.30
8.00
▲
465.80
466.60
465.80
466.50
3
914
492.80
414.30
Mar28
471.20
7.40
▲
470.60
471.30
470.60
471.10
3
586
480.50
421.00
May28
471.90
6.20
▲
468.80
472.60
468.80
471.80
25
566
482.40
426.30
Aug28
471.90
1.10
▲
473.60
473.60
473.30
473.30
2
147
481.30
431.10
Oct28
472.90
30.60
▲
441.70
441.70
441.70
441.70
1
9
443.50
441.70
Dec28
475.20
—
—
—
—
—
—
—
—
—
Mar29
478.20
—
—
—
—
—
—
—
—
—
Total
18,860
126,844
*Volume includes exchange for physicals.
ICE Europe White Sugar – Spreads
Date
Spread
Date
Spread
Aug26 / Oct26
2.00
Oct26 / Dec26
-1.10
Aug26 / Dec26
0.90
Dec26 / Mar27
-4.40
Aug26 / Mar27
-3.50
Mar27 / May27
-2.20
Aug26 / May27
-5.70
May27 / Aug27
-0.30
White Sugar Premium
Date
Premium
Date
Premium
Jul26 / Aug26
116.33
Mar28 / Mar28
94.65
Oct26 / Oct26
104.19
May28 / May28
102.63
Mar27 / Mar27
92.05
Jul28 / Aug28
104.61
May27 / May27
100.20
Oct28 / Oct28
101.42
Jul27 / Aug27
101.83
Mar29 / Mar29
95.70
Oct27 / Oct27
98.72
*Values calculated basis 6:09 PM.
No.5 opened at 444.90 and initially traded in a relatively steady range before gradually strengthening through the morning session. Buying momentum increased into midday, with the market climbing toward the 450 area before some profit-taking and softer trade emerged during the early afternoon. Following the midday pullback, prices stabilised and began to recover as buying interest returned, similar to the No.11. The market then rallied strongly through the second half of the session, with momentum accelerating after mid-afternoon as No.5 pushed to fresh intraday highs. The market eventually traded to a session high of 455.80 before settling at 455.40, ending the day sharply higher overall and maintaining a constructive tone into the close.
Jon Whybrow
Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.