Daily Market Price Updates and Commentary 3rd February 2026

Raw Sugar Update 

An opening period spent holding either side of overnight levels provided some comfort for bulls, and against limited selling they set about pushing the market further away from the lows. With only limited selling being seen the initial progress was constant and March’26 ascended to 14.57 by the middle of the morning before pausing when buyers eased the pace of activity. Through the middle of the session progress paused, however the price consolidation did provide a platform for some buying interest from the Americas to send the spot on to new daily highs at 14.66. This move lacked any continuation and having petered out in short time the consolidation pattern resumed with March’26 once more holding the 14.50 area. From here the market rebuilt again and recorded dailyy highs of 14.70, impressive gains to turnaround the recent fall though against limit resistance with very little still being seen from the growers outside of the spot. Through the later part of the afternoon prices held on to most of the gain and a calm close lead March’26 to a settlement at 14.63, though the impact of fresh buying starting to move towards the May’26 contract was felt in the spread as March/May’26 ended the day lower at 0.45 points.

White Sugar Update 

Despite making new life of contract lows there has been a determination from the market to hold above $400.00 basis the nearby positions through the past two sessions, and this encouraged a turnaround in fortunes this morning. With May’26 having assumed the largest exposure our attentions move to here and through the first two hours constant gains were achieved with the price moving ahead to $417.70. These sizable gains still lagged behind the spot with the March/May’26 firming to -$1.90 as very strong rolling drove the spread, though as the market moved to hold a band through noon so the spread value softened back to the -$3.50 area. Additional gains were made for the outright with an early afternoon drive to $420.00, and following some more consolidation the market looked to forge even further ahead across the later afternoon. This resulted in eventual session highs at $422.00 as we reversed all the losses incurred across the past week. Settlement was reached at $421.60, while selling through the afternoon had reduced the gain for March/May’26 to leave it unchanged at -$4.00. The strength of the afternoon showing did ensure strong white premium values with March/March’26 at $95.00 and May/May’26 at $109.00, though whether the stability is anything other than corrective remains in question with plenty of resistance anticipated to remain overhead.