Daily Market Price Updates and Commentary 5th September 2025

Raw Sugar Update

There were trades either side of unchanged as we opened, but the picture soon settled down and the market tracked along in a band in the 15.60’s. Most of the selling was continuing to come from spec entities and when a few looked to take cover we saw a small spike back to 15.71 before the pattern resumed and prices returned to the lows. The start of the US morning saw a repeat of this pattern with more day trader positions covered, however the wider fund/spec sector are determined to maximize the current opportunity and as the afternoon moved along, they maintained pressure to move closer to the former 15.44 low mark. The decline was gradual with some decent quantities of underlying pricing filled along the way and by late afternoon it had moved the price to a low of 15.51. While volumes were solid, there was an uptick in the total market volumes as more fund and trade entities began to move positions down the board with the more aggressive buying activity for Oct’25/March’26 moving the differential up to -0.56 points during the afternoon before falling back late on. Continuing within the relatively narrow daily band there was a recovery to the low 15.60’s for Oct’25 during the final hour as traders squared off positions, though selling returned late on and sent it out at 15.55 to leave the market weak heading into the weekend.

White Sugar Update

The fall from Monday’s $488.30 high has been constant and there was no relief for Dec’25 this morning as immediate selling sent the price down to $458.70. Prices did move back above $460.00 soon after as traders reacted to the opportunity with some buying / contract pricing, however their efforts merely consolidated the market with no sign of interest on the scale required if prices are to mount a recovery. There was some day trader covering which picked the price up and saw us move above $462.00 later in the morning, but that aside we headed to the afternoon rather quietly. The outright value continued to pivot either side of $460.00 on smaller trader activities, and again a good quantity of volume came from the spreads with Oct/Dec’25 playing its own game either side of $20 on sizable rolling which made up around 60% of activity across the first two prompts. More time was being spent at the lower end of the range as we moved through the afternoon, but the final hour then saw some pre-weekend position squaring occur which briefly lifted the price up to a new daily high at $462.50. This did not sustain and selling returned ahead of the close to end the day with Dec’25 at $460.40. Oct’25 settled at $478.50, valuing Oct/Dec’25 at $18.10 as the firm approach to expiry maintains.