Daily Market Price Updates and Commentary 15th October 2025

Raw Sugar Update

The market immediately went into stall mode in the wake of yesterday’s rally and given the lack of follow-on interest prices soon became vulnerable. This presented during the first hour as smaller traders sold positions once again and sent March’26 back to 15.59, and while the market looked to consolidate soon after this fall it was clear that the damage had been done through the lack of any tangible buying interest from parties. Instead, a more gradual decline ensued, which saw prices working back down to 15.53 by early afternoon to renew the recent trend. The tangible difference between today and the past week was that the larger funds/specs did not engage with selling in a significant way and so prices were able to level out in the 15.50’s. On low volume there was no more pressure exerted through the remainder of the afternoon which allowed prices to hold quiet comfortably, generally maintaining the 15.60’s, and even managing a nudge back to the 15.70’s ahead of the close. The close passed without fanfare, leaving March’26 to settle at 15.69 and end a slow session still with an overall air of vulnerability. 

White Sugar Update

Initial efforts to consolidate yesterday’s rally soon failed and with few resting orders to be found Dec’25 slipped back to be trading back to the mid $440’s. Through the middle part of the morning there was some effort made to arrest the fall and hold values, however it merely provided some respite and by the end of the morning we were tracking back further to new daily lows. The downward movement continued to $440.70, with another period of consolidation following through into the afternoon as consumers looked to price ahead of the technical double bottom. By now spreads were losing considerable ground with Dec’25/March’26 trading back beneath $3.00 once more, pressure which inevitable extended through to the white premium values also. Fully marking out yesterday’s effort as a “dead cat”, the market had yet more ground to give back and moved down to a marginal new contract low at $438.10 ahead of the close. There was a small amount of position covering which took place during the final stages which led to a Dec’25 settlement at $440.10, but with the Dec’25/March’26 spread weaker still at $1.40 and the market clinging on to the double bottom the picture appears vulnerable once more.