Daily Market Price Updates and Commentary 22nd April 2025

Raw Sugar Updates

Though the market dipped a little lower as we opened the morning was neutral for the most part with Jul’25 edging along near to 17.70 on very low volume. It was only ahead of noon that a little more selling appeared and explored down to 17.59, though the move failed to garner any interest aside from the smaller specs and so proceeded to return to 17.70 soon afterwards. Once traders from the Americas were online the market looked higher with buying arriving in association with a firmer energy/softs macro to ensure that the second half of the session played out in credit. Progress was by no means dynamic, but the market did eventually muster another peek above 18.00 with Jul’25 highs just below yesterdays mark at 18.03. Alongside this there was still rolling taking place ahead of the May’25 expiry which further narrowed the May/Jul’25 spread to 0.02 points, with the only other active spread being Jul/Oct’25 which held near to -0.15 points. Jul’25 was unable to hold above 18.00 into the close and eventually settled at 17.96 to bring another slow day to a conclusion with the market still no nearer to finding fresh direction. 

White Sugar Updates

Resuming following the 4-day Easter holiday weekend there was no sign of any pent-up interest with trading proving to be limited through the first couple of hours as values sat slightly lower in the $496 region. A little more selling then emerged during late morning and moved Aug’25 to a low of $493.50, though it did not remain down here for long and soon recovered by a couple of dollars. One area which was suffering through this period was the white premium where Aug/Jul’25 was sitting near to $105.00, though both this value and the flat price received a boost through the early afternoon when short covering took the Aug’25 value back up through $500. The gains were maintained and then built upon through the rest of the session, and while volumes remained moderate in the main the price was still able to climb to $507.60 before easing against position squaring into the close. Aug’25 recorded a settlement at $505.80 to appear a little more stable on the chart, while the stronger afternoon showing sent Aug/Jul’25 out steadily at $109.80.