Daily Market Price Updates and Commentary 16th December 2022

Today No.11 market opened at 19.88, 10 points below yesterday’s settlement. The early trading hours were quiet, market drafted it was going up reaching 19.96 but ended trading sideways until 11h30am, when bigger buying volumes moved prices from 19.85 to 20.04. From that point until early 2pm, market traded sideways with considerable volatility, and big volumes ended up pushing the market ahead of the 20.20s, reaching the daily high at 20.29. A price correction took place in the next hour bringing prices down again to 20.00 zone. In the last two trading hours, market went up again touching 20.18 and later closed at 20.09, settlement price was also 20.09, + 11 points from yesterday’s settlement (+0.55 % change). SB H3K3 Spread closed at 1.27. Volume traded was 53k lots.

Today the white sugar market opened with March 23 at 544.5 USD/mt, down 0.5% from yesterday’s closing price. During the morning, due to a volume gap, the market printed a downward movement falling slowly during the first hours reaching the minimum with Mar’23 quoted at 542.80 around 11am. In the following hours, the market tried to recover the opening levels and around 2pm, there was a rise of around 4 USD in 15 minutes, followed by another rise that took Mar 23 to surpass the 550 level but falling soon after. The market remained calm with Mar’23 prices hovering around the 544 – 548 range most of the time, until the last few minutes, when a large volume crashed into the market before the close, causing Mar’23 to close valued at 546.8, an increase of 1.8USD/Mt (+0.33%) against the close of the last day, with the White premium at 103.89 and the Mar/May’23 spread at 15.2.