Daily Market Price Updates and Commentary 2nd February 2026

Raw Sugar Update 

The month got underway with March’26 looking lower to test Fridays lows, and while it registered prints at 14.14 there was some decent underlying support in place which prevented values from slipping any further. Some recovery followed with smaller traders covering positions along the way, however the technical picture was dominating and by the later morning prices had fallen back to again be testing into the support with a view to testing the contract low at 14.04. One could not dispute the determination of the shorts to try and push through the scale buying, but despite assorted efforts through into the afternoon the price never threatened this mark and mustered only a single point extension to 14.13. Fridays COT report showed a reduction in the spec short to -182,128 lots, and though action since would suggest it has increased back to the -200,000-lot area it seems that capacity to sell aggressively has reduced so limiting the ability to fill in more of the pricing. Short covering lifted the price sharply up to 14.35 midway through the afternoon, and while the gains did not extend any further across the rest of the session it did set the tone for values to continue away from the lows. Spread activity today was positive and will have encouraged buyers that the market may arrest the decline, as we saw March/May’26 return to 0.51 points intra day on solid volumes, with the greater spec roll interest still yet to get underway. March’26 remained in the 14.20’s into the close to post a modest single point loss at 14.26 to leave parameters unchanged as it looks to hold ahead of 14.00. 

White Sugar Update 

March’26 immediately slipped to $403.10 as it opened but found buying in place as fresh hedge lifting and pricing orders combined to provide support. This saw the price recover to $408.10 across the first hour and provide a degree of stability, however it was not to last as the conclusion of the initial hedge lifting allowed sellers to send values more easily back down to overnight levels. Prices continued to chop around as we moved into the afternoon, and while there remained some decent underlying support beneath the double bottom it was being well tested. New contract lows were recorded at $402.30 midway through the afternoon, however the market refused to yield and soon after there was a sharp spike back up against short covering which took the market back into credit. In addition to the flat price movement there was large quantities of rolling taking place which will put another sizable dent in the March’26 open interest, a figure which today stood at 55,734 lots as it crosses over to leave May’26 as the largest position on the board. While volume was sizable it did take place within a contained -$4.40 / -$2.50 band, remarkably static given that more than 10,000 lots changed hands. There was some MOC buying around which meant that March’26 posted the smallest of net gains at $405.20 and despite the new lows today a double bottom remains on the table for those wanting a price recovery.