Daily Market Price Updates and Commentary 15th July 2025

Raw Sugar Update

Having dropped back down the range again yesterday the market still finds itself struggling for direction, and there was no sign that this situation has yet changed as Oct’25 started the day by moving back into the 16.30’s to quietly consolidate. Against modest volume the market was able to move back through to 16.50 by the end of the morning with proceedings dominated by smaller traders looking to make a quick turn. Light pricing above 16.50 capped off the market through the early afternoon and so some choppier conditions arrived as the morning longs chopped back out and into the market on more than once occasion before the earlier upward movement was eventually resumed. Buying was mostly confined to the spot and so spread volumes were lower than ever, though the flat price rally was sufficient to bring Oct’25/March’26 up to -0.65 points in the absence of any meaningful selling. Reaching the final hour Oct’25 had climbed ahead to 16.61 and erased all of yesterdays loss, though no additional gain was possible through the later stages. A calm end to the day saw some small positions squared off but little else, leaving Oct’25 to settle at 16.56 and maintain the status quo as we head towards the middle of the week. 

White Sugar Update

London whites have been tracking along within a very similar band over recent sessions and there was no sign that this pattern would change with an unchanged opening providing the basis to hold in the $470.00 area. This calm start soon started to draw buyers back to the market with the second half of the morning seeing a steady growth in the Oct’25 price to $476.70, though with the market having recently struggled above $480.00 the buying then started to relent. Activity was very much driven by Oct’25 volumes, and as the buyers retreated, we saw some small spikes back down against position liquidation before regaining some calm composure midway through the afternoon. From here there was another push upward by longs which helped the price reach $480.00 across the next couple of hours, though having reached this point we once again lack the substance to push on and move through. Instead, the market tracked the upper end of the range through the final hour ahead of a close at $478.60, which capped off an inside day but leaves the upside back within range once again. Aug’25 saw positive movement on its penultimate day with a rally to $494.10 while Aug/Oct’25 ended the session at $15.50. Open interest now stands at 3,333 to leave a modest sized delivery expected tomorrow evening. ]