Daily Market Price Updates and Commentary 6th February 2026

Raw Sugar Update

Values were little changed across early trading, though the inability for March’26 to move beyond 14.30 and a lack of fresh buying despite a return towards recent lows was suggesting that more downside testing was on the cards. This duly developed during the middle of the morning as the price pushed back down into the teens, with lows registered at 14.14 before looking to hold just a few points above this mark. The consolidation lasted into the early afternoon and despite having traded within a point of last weeks low there was no significant additional pressure placed upon the market before a short covering bounce took place. With the index roll now underway afternoon trading saw the March/May’26 spread dominating activities with solid volume changing hands between 0.43 and 0.47 points as the hedge funds met the roll head on. Meanwhile outright interest was confined to some rangebound drift which last for most of the afternoon. We had to wait until the closing stages for more interest as specs returned to push prices down to new recent lows, sending March’26 to 14.07 on the post close and leaving only the 14.04 contract low from last November as immediate support. March/May’26 meanwhile was sent aggressive back down to end the day at 0.40 points as index funds rolled in size, the spread seeing around 93,000 lots change hands once TAS orders were included in the total. When the dust settled March’26 settlement was published at 14.11, concluding a weak performance that leaves the contract lows / 14.00 level vulnerable when we resume on Monday. 

White Sugar update

The stuttering performance across the last 48 hours has traders looking lower again and there was no hesitation this morning in getting things off to a negative start. Prices sat a couple of dollars lower through early trading, and it was not long before sellers looked to push further and sent Mayc’26 down to a morning low of $408.30. A modest recovery followed to leave prices holding near to $410.00 by the end of the morning, with further recovery through the early afternoon extending the price up to $412.00. March/May’26 was seeing another steady volume as we continue to erode the open interest, though this still stands at 35,394 lots for March’26 which is a reasonable size heading towards the final week of before expiry. Despite banging its head against $412.00 again the market proved unable to make additional gains and instead continued to drift sideways through into the final hour. We appeared set for a slow conclusion however selling returned for the final 15 minutes to place pressure upon the market ahead of the weekend. May’26 settled at $409.30 as a result, while March/May’26 showed only a small change at -$4.90. White premium values showed little change for March/March’26 at $93.30 while May/May’26 softened by a dollar to $107.00. There remains a small distance to the recent $406.00 low mark, though it will likely attract scrutiny following the poor performance over the second half of this week.