Daily Market Price Updates and Commentary 9th September 2026

There was a familiarity about the market movement this morning as buyers again looked to move Ot’26 back up through the range but again ran out of momentum in the 18.40’s. There was no immediate about turn, though having stagnated through the rest of the morning we saw traders then look to exit positions and the price returned to sit in the 18.20 area early in the afternoon. Smaller traders continued to generate some movements within the range as the day moved along however by now it was the Oct’26/March’27 spread domination activities again with the index spread in full flow and attracting even larger volumes than seen yesterday with more than 100,00 lots having changed hands well in advance of the close. The later stages saw some renewed spec buying interest react to surging white sugar values and bring the price to a marginal new high at 18.47, yet they were again unable to break through 18.50 and some late position squaring followed into the close. This left the market ending at 18.40, a better close than recent days but still with work to do if we are to test back to the highs.   

Early trading took place across the same ground as traders again looked to move from the recent narrower band and place the market back onto a positive footing by moving Dec’26 above $530.00. In a repeat of yesterday this area proved stubborn and progress slowed, though there was no significant reaction from longs and the price did hold steady for the rest of the morning. The lack of progress did eventually lead some to tidy down their positions during the afternoon, however the market was proving more resilient in tone and widening white premium values showed a greater desire to hold gains and attempt to generate the upside movement that has recently been lost. It took until the last hour for more substantial buying to find its way back in, but when it arrived the impact was apparent and Dec’26 shot ahead to $537.60, positive again but still short of the early month $539.90 mark that traders will have wanted to crack. Oct/Dec’26 meanwhile moved back up slightly to be trading a smaller discount, though as volumes now fall away in the final week this will become more about expiry value than flow related activities. There was a small pullback during the closing stages that saw Dec’26 settle at $535.60, a still solid gain from which to try and move ahead tomorrow.