Daily Market Price Updates and Commentary 2nd August 2025

Raw Sugar Update

Having watched the London whites market move significantly higher yesterday there was potential for No.11 to finally climb beyond the 16.50’s and try to push ahead again when we resumed, however traders had different ideas. While we did see gains of 15 points on the call this merely took the market to match Fridays 16.52 high mark, and even these limited gains soon eroded to leave the market tracking along in the 16.30’s showing little interest in the wider market proceedings. Fridays COT report had shown the net fund/spec short position growing again to -133,212 lots, and the continuing desire for the specs to keep on top of No.11 values was illustrated at the start of the US morning when Oct’25 was punched sharply down into the teens on more than 6,500 lots. This changed the whole market dynamic and though some effort was made to consolidate and bring prices back yup the fall below 16.20 was proving decisive in bringing through additional spec selling which maintained pressure and drew new lows later in the afternoon. Having traded down to 16.12 the market crept along just ahead of this mark for the remainder of the session and ended the day at 16.15 having not deled any further into the underlying consumer scales.  

White Sugar Update

Despite the No.11 market failing to trouble the sizable upside call this morning there was a resilient opening from the whites with both Oct’25 and Dec’25 only trading a few dollars lower initially before losing more ground. Even so Oct’25 only fell to $495.20 and so extended the nearby premium to the $135.00 area and suggesting that the recent squeeze upon Oct’25 would continue. Soon the losses started to be reversed a by late morning the overnight gap for the intra-day charts had been filled with Oct’25 incredibly making it to $502.40, a remarkable showing which owed much to the firmer spreads. Here there was another glut of pre-expiry rolling from the trade taking place and this had led Oct/Dec’25 to a high at $21.00, and the gains maintained through until the early afternoon. A No.11 plunge dragged the market back down into the range with white premium values not prepared to move beyond the already significant gains made in reaching the lower $140’s, and this left the market tracking back within the range through much of the afternoon. Moving towards the final hour there was another leg lower as the weak No.11 influenced proceedings and drew in some opportunistic selling, which sent Oct’25 back to $490.00 and Dec’25 to $474.20. Settlements were recorded at $491.00 and $476.10 respectively, with the Oct/Oct’25 valued at $135.00, to leave the market feeling constrained with No.11 movement (or lack of) continuing to restrict progress for the more positive whites.