Daily Market Price Updates and Commentary 29th September 2025

Raw Sugar Update

There was some mildly supportive buying around as the week got underway, though gains were only of the single digit variety and trading was relatively quiet. As expected after last weeks sizable covering, the COT showed renewed growth in the net short holding which now stands at -169,874 lots, a figure which has likely reduced slightly over recent days as the market has calmed back into the range again. Efforts to nudge up through 16.50 were thwarted by selling in the upper 16.40’s, and as we moved into the afternoon March’26 had consistently knocked into the 16.47/16.48 area with no additional success. This resulted in smaller traders throwing their long positions back out and sending the price back down to 16.24 before resuming the see-saw movement and recovering the losses. It was a case of déjà vu for March’26 with this latest movement also stalling at 16.48,and so the market remained within the same range as we moved to the final hour. There was a final push ahead of the close which extended the March’26 price to 16.50 ahead of a close at 16.45 as positions were squared back off during the close/post-close. 
Oct’25 moved through its penultimate session showing an open interest of 41,176 lots. This will have further reduced as final positions were rolled forward by the trade, with Oct’25/March’26 showing a solid 18.500 lot volume as it was bought up to -0.41 points intra-day, before closing at -0.43 points.     

White Sugar Update 

Recent sessions have seen the market struggle to find any momentum in either direction and that situation was continuing this morning with efforts to rally the nearby prompts ending at $464.60. Volumes have fallen because of apathy, and this has made it easier to flit either side of $460.00 on the small trader interest, a pattern which repeated during the early afternoon when long liquidation sent Dec’25 back to $458.50. There remained little to get excited about for the flat price through the afternoon as values moved away from the lows and into the centre of the range with only spread activity keeping some volume moving at times. Dec’25/March’26 ranged between $4.20 and $6.50 as trade activity kept things moving along, though overall there was only a small net movement with the value sitting at $5.50 late in the afternoon. White premiums were also subdued with March/March’26 nestled in the mid $90’s and garnering little interest at the present time. There was no change to Dec’25 through the later stages and prices continued within earlier parameters as we moved to a close at $462.30, a meaningless but mild gain with which to end the day.