Raw Sugar Update
There was some buying interest around for the opening (hedge lifting) and this pulled March’26 back into the low 16.20’s where it was able to hold for a period. Despite the negative connotation of yesterdays pacey decline there seemed to be more support showing than might have been expected, and as the morning moved onwards this interest continued to nudge prices up through the range and finally trigger some short covering which upped the pace and took March’26 ahead to 16.47. Progress then stalled but prices held resolutely onto the gains to move steadily into the afternoon, and with no fresh inputs from the specs traders awaited publication of the latest UNICA data to determine whether it would additional direction. The figures arrived showing Cane at 45.973 mmt / Sugar 3.622 mmt / Mix 53.49% / ATR 154.58 kg/t / Ethanol 2.331 mlt, generally in line with expectations and showing the anticipated increase year on year. While there was a small push to 16.54 soon afterwards the market did not react in any significant way to the news, with next movement having to wait until smaller traders closed some longs and so eased prices back into the range. March’26 continued in the 16.30’s ahead of the close, with MOC buying appearing and leaving it valued at 16.40 heading out.
White Sugar Update
There was an unexpected change of direction for Dec’25 this morning as initial buying push the price back up to $457.70 at speed where values were able to hold. Underlining the fickle nature of the market following yesterdays sharp decline there were more gains to follow through the morning which saw the price reach $463.50 ahead of noon, with a further gain to follow to $464.50 soon afterwards. This movement extended the white premium values with March/March’26 trading above $95.00, though the gains in this value began to ease when No.11 caught up our progress. On quiet trading the market maintained close to the highs through the middle of the afternoon but once some profit taking kicked in the lack of buying allowed the price to fall back towards $457.00 and the lower part of todays range. This removed some shine despite a solid net gain remaining in place, with other positions also giving away ground as Dec’25/March’26 slipped to $4.30 and March/March’26 to $92.50. Through the final stages Dec’25 sat either side of $458.00 to ensure a close at $458.70, cementing itself into the range where we may remain for the near future in the absence of any fresh news.
