Daily Market Price Updates and Commentary 29th April 2025

Raw Sugar Updates

Early trading saw the market flick either side of overnight levels without gaining any momentum, though by the middle of the morning another look lower set the market into some downside exploration which extended to 17.67, just a couple of points above yesterdays low. Some brief respite as we moved into the afternoon was not maintained and the arrival of US based specs brought a new wave of selling to the market that punched down into the underlying scale buying and set the market off towards this months 17.36 low. Whule there were pauses along the way we did see the price fall to 17.44 as the sellers drove the movement, though whenever short covering appeared it had some impact due to the lack of resting sell orders. The news that yesterdays activity had reduced OI by a third to 44,417 lots was having little impact upon market direction with values continuing a small way above the lows through the final couple of hours, and with May/Jul’25 seeing another solid volume as the spread widened back to 0.12 points during the afternoon that figure will likely reduce by another chunk overnight. The rest of the afternoon saw prices continue along at the bottom end of the range, moving slowly towards an eventual close at 17.54 which will leave underlying support under scrutiny as we move into the final day of the month.

White Sugar Updates

The whites experienced a slow start to the session with front month activity taking place near to unchanged, though it soon became apparent that yesterday’s weakness had unsettled confidence as selling returned midway through the morning. While scale buying remained in place beneath $500 it soon started to be filled, with the spec led selling gathering pace and morning lows registered at $496.00, in the process sending the Aug/Oct’25 spread back to $7.30 and valuing Aug/Jul’25 closer towards $107.00. This was not a healthy look for the market however the picture was able to stabilize over the following hours and allow for some recovery to mid-range which particularly assisted the white premium in regaining $3-4 while No.11 remained under pressure. Marginal new lows were seen at $495.60 through the afternoon but that aside there was little to get excited about with volumes dropping away. The close also failed to generate much fresh interest, simply providing an appropriate conclusion to another weak session as Aug’25 settled at $496.80.