Daily Market Price Updates and Commentary 9th February 2026

Raw Sugar Update

Having concluded last week appearing vulnerable to additional downside pressure there will have been relief amongst longs that the market registered firmer opening levels as March’26 worked its way up to 14.29. The buying was largely in reaction to the growth in fund/spec short positions shown in the COT report, which saw a sharp increase of 57,104 shorts to leave the position at a sizable -239,232 lots short. This created an expectation that there is now limited capacity to add to the short side, although having made the initial bounce some steady selling did return to hold prices back down in the teens through the late morning. It lacked substance however and following a pop back towards the morning high against day trader covering the market started to build some additional upside momentum which force more of the shorts to seek cover / take profit. Movement remained orderly as the price steadily increased across the following hours to a high of 14.53, with the limited amounts of resting selling aiding progress, but despite the gains the focus was again the March/May’26 spread. Here we saw sizable volumes higher than Friday’s number as index and hedge funds again met each other head on (alongside trade interest too!) within a 0.38 / 0.49-point range that continues recent parameters. Late afternoon saw the market slide back down towards the centre of the day’s range as more positions were squared off, marking a quiet close to a session that had at least provided some better price movement and opportunity. March’26 settlement was at 14.35 while March/May’26 saw the gains erode with late index pressure sending it out at 0.39 points on a monstrous volume of almost 134,000 lots.

White Sugar Update

May’26 jumped to $413.10 on the opening, however there was no continuation of the movement and once the initial cover / hedge lifting had concluded the market started to ease back. The rest of the morning saw the slow pullback continue and ahead of noon May’26 traded to a tiny deficit at $409.10, though without the spec selling that had been seen last week there was insufficient interest to test recent lows in any meaningful way. Instead, the market started to turn around with the early afternoon providing a mirror image of the morning slide, as prices regained the lost ground calmly and efficiently. The one position not following suit was March’26, where pressure upon the spreads ahead of expiry was keeping it pegged in the red. Across the afternoon March/May’26 was sold down to a low at -$9.70, and while March’26 did eventually move into positive ground it was only by being dragged by May’26 as the effective spot month pushed to a high of $416.00. Ahead of the final hour some profit taking by smaller traders started to bring values back, though all positions except March’26 retained gains into the close. May’26 ended the day at 414.30 while March/May’26 struggled to escape far from its lows and went out at -$8.90. White premium values were also a touch softer with May/May’26 valued at $106.50.