Daily Market Price Updates and Commentary 7th July 2025

Raw Sugar Update

Returning from the 3-day weekend there was no desire from the market to follow the higher call from whites, instead dropping back to 16.24 during the early part of the session and remaining in the red throughout a generally quiet morning. It was only the arrival of those in the Americas which brought some impetus to proceedings with Oct’25 starting to chop about before moving to show some very modest gains by the middle of the afternoon. There was a degree of grower pricing being seen through this period from Oct’25 through to 2026 positions, and with buyers not wanting to commit significantly this proved sufficient to top the market at 16.46 and bring about a round of long liquidation. The selling proved dramatic with Oct’25 falling at a rapid pace to lows of 16.07 as shorts looked to hit the market and defend their exposures, the details of which will become more known when the latest COT report is published later this evening. The market consolidated from here to sit back in the 16.20 region and calming ahead of the close. There was a small spike back to 16.30 on the call as some MOC buying arrived, leading to a settlement value of 16.28 and bringing the curtain down on a mildly lower day which while not particularly inspiring still showed more resilience than many recent efforts. 

White Sugar Update

Despite putting in a creditable performance on Friday there had been no move from No.11 to match the progress made and so the day started in disappointing fashion with Oct’25 immediately losing some $6.00 with trades down to $467.70. Trading then levelled out and for the next couple of hours Oct’25 remained within the confines of the opening minutes, only moving outside of this band during late morning as a little more selling pressure was applied. The picture became more interesting as we moved into the afternoon with a spike to a new low acting as a prelude to some steady covering which managed to the overnight gap on intra-day charts by taking Oct’25 up to $472.80. The market was unable to move back into credit however and some fatigue then set back in with significant effect, the market finding a vacuum beneath the early afternoon lows and dropping down to $462.90 on just a few hundred lots of selling. Alongside this we saw Aug/Oct’25 holding in the region of $7.50 on continuing steady volume ahead of next week’s expiry, though with Aug’25 open interest now down to 21,633 lots we would expect to see this volume to gradually diminish. There was a small recovery to sit in the vicinity of $467.00 ahead of the close, with Oct’25 ending the day at $469.20 following a small burst of MOC buying interest. Elsewhere Aug/Oct’25 ended at $7.50 while Oct/Oct’25 was valued at $110.30.