Daily Market Price Updates and Commentary 9th September 2025

Raw Sugar Update

There was a positive start to trading this morning as Oct’25 moved up to 15.77 in the opening minutes, then building upon this start with more gradual gains made in reaching 15.87. With funds/specs increasingly short of the market we appear to have reached something of a stalemate as a reduction in their selling pressure combines with a reluctance from consumers to pay higher prices and so leaves the market temporarily lacking direction. Despite another nudge higher to 15.92 as we moved into the afternoon this pattern endured, and it was not long before some light defensive selling by shorts and general flat price apathy saw values slip back into the range. Volumes were being dominated by the Oct’25/March’26 spread with the index roll now at full pace, with the day seeing almost 70,000 lots of the spread traded once TAS activity was included. The value didn’t move particularly far and as yesterday was moving either side of -0.60 points, returning to -0.65 points by the end of the afternoon. The flat price meanwhile sat untroubled within the range on diminishing interest with a slow day concluding with Oct’25 at 15.84. These gains mean little in the wider scheme of things, and moving forward there may be more consolidation while the roll continues through the rest of the week. 

White Sugar Update

The sharp correction which has taken place over the past week has ended for the time being, and it was a quieter market which greeted us this morning with Dec’25 working its way back into the lower $460’s on consumer buying. Having reached the $462.50 area progress began to stall wit buyers showing reluctance to pay too high a price given recent technical and fundamental concerns, the exception being those still needing to price in the spot ahead of expiry. A small burst of fresh buying did take the price up to $464.80 during the early afternoon, however it was lacking sustainable interest and so prices retreated into the range where they continued to edge along calmly. The spot was still seeing some decent volume with another 5,000+ lots of Oct/Dec’25 changing hands and some Oct’25/March’26 activity, both of which should further reduce the Oct’25 open interest number which today stood at 19,926 lots. The final few hours saw no fresh interest for the flat price, and while it climbed back up the range slowly to end at $463.60 there is no sign that this might be the start of a wider recovery. Closing values were at $483.30 for Oct’25 and $463.60 for Dec’25 and without any fresh news we may see a similar pattern continue ahead of next Mondays expiry.