Insight Focus
The No.11 raw sugar futures traded sideways over the past week. Speculators have extended their short positions by 18.5k lots. The rally in coal futures is being driven by tighter supply from Indonesia after new export control measures disrupted shipments into Asia.
New York No.11 Raw Sugar Futures
The No.11 raw sugar futures started the week at 14.5c/lb and traded lower throughout the week, closing at 14.1c/lb on Friday.
On the commercial side, end-users have extended their position by adding 14.3k lots of longs while producers have closed out 26.8k lots of shorts.
No.11 Commitment of Traders Report (June 2, 2026)
Speculators have closed out 5k lots of long and further opened 18.5k lots of shorts.
The net-speculative position now stands at -135,104 lots.
No.11 & No.5 Open interest
The No.11 forward futures curve has moved marginally lower across the front of the curve. The No.5 forward futures curve has also moved lower across the board.
White Premium (Arbitrage)
The Q/N white premium started the week at USD 131.4/tonne, hit a week’s low of USD 128.8/tonne and eventually closed higher at USD 135.2/tonne on Friday.
Coal Futures
Coal prices moved higher this morning, with Australian Newcastle coal futures climbing 2.4% to USD 152.25/tonne, their highest front-month level since late 2023.
The rally is being driven by tighter supply from Indonesia after new export control measures disrupted shipments into Asia, while rising summer electricity demand across the region is also boosting consumption.
China’s stronger LNG buying ahead of peak cooling demand is adding further pressure to the broader energy market and could increase coal use if gas supply becomes tighter. In Europe, carbon prices eased slightly to around EUR 76.50/tonne, helping offset some generation costs for coal-fired power plants. Overall, sentiment remains supportive for coal prices, with Indonesian export policy, Middle East energy risks, and Chinese summer demand remaining the key factors to watch.
For a more detailed view of the sugar futures and market data, please refer to the appendix below.
No.11 (Raw Sugar) Appendix
No.5 (White Sugar) Appendix
White Premium Appendix
