Daily Market Price Updates and Commentary 9th July 2025

Raw Sugar Update

It was a slow start to trading for Oct’25 with initial activity taking place within a few points of unchanged levels, however that soon changed as some strength from white sugar drew in buying of our own. Through to the middle of the morning the gains accumulated and Oct’25 moved up to 16.42, placing it just a few points shy of Mondays highs. The rally then paused, however the sentiment remained generally positive and so as the afternoon got underway some more position covering arrived from shorts to move the price further ahead. The volume of buying was not particularly weighty but then neither was the selling, and so while growers remain away from the market in hope that they can achieve hedges at higher levels we watched the value continue to climb steadily. Over the next three hours Oct’25 climbed to 16.61, while also bringing the Oct’25/March’26 spread value up to -0.65 points, both of which were creditable but not yet sufficient to break clear from the recent downtrend. There was a slight cooling of the rally later in the afternoon which allowed Oct’25 to dip back to 16.50 ahead of the close, though MOC buying then arrived to ensure a settlement price just 5 points shy of the highs at 16.56. There remains much work to do to reverse the wider trend, however in context of recent performances the market appears to have bottomed and is providing the possibility that additional gains could be made.

White Sugar Update

It was a far more positive start to the session from the whites today with Oct’25 building from initial unchanged prints and moving up to $473.00 over the course of the first hour. This impressive start was surpassed by the Aug’25 contract where continuing spread rolling had Aug/Oct’25 trading out to $13.80 which in turn enabled Aug’25 to show gains of more than $11. The rate of increase slowed down at this stage, though the market continued to move ahead to $476.30 later in the morning before making a pause though noon as the buying eased and a degree of profit taking crept in. Into the afternoon we saw the buyers resume their efforts with the market again starting to track steadily upward to target last weeks $479.40 high mark and improve the technical picture. It was a slow process but having nudged above this mark and matched the early June $480.00 high, the market found another push and extended through to $481.60 (+$15.60). Such a strong showing is always tough to maintain, but the market performed creditably through the last couple of hours in holding onto the bulk of the gain despite encountering some small trader profit taking. Heading into the call we saw buying returned and ensure that Oct’25 ended above $480.00, its settlement value of $480.40 ensuring as constructive a close as we have seen for a while. Aug/Oct’25 ended the day at $12.10, away from its highs but still firmer on the day following another 5,000+ lot volume, while white premiums were also firm, Oct/Oct’25 valued at $115.30 heading out.