Insight Focus
Raw sugar futures are at 4-year lows. End-users have kept taking advantage of lower prices. Speculators have added to their long positions.
New York No.11 Raw Sugar Futures
The raw sugar futures continued trading below 17c/lb over the past week, starting at 16.7c/lb on Monday and then drifting lower during the week as prices hit 16.1c/lb by Friday’s close.
End-users have added to their long positions despite already being well covered in the market today, as they opened 22.4k lots of long positions. Producers have also added to their positions as they have opened 7.1k lots of shorts.
No.11 Commitment of Traders Report (June 10, 2025)
Speculators have not stopped adding to their short positions as they increased their shorts by 24.8k lots. They have also added to their long positions by 14.2k lots.
The speculative net-short position has increased and now stands at -91.4k lots.
No.11 Open interest
The No. 11 forward curve has weakened across most of the board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures started at a high of USD 472.4/tonne at the start of the week as it then moved lower during the week and closed at USD 465.3/tonne on Friday.
No.5 Open Interest
The No.5 refined sugar futures curve has weakened across the board.
White Premium (Arbitrage)
The Q/N white premium started trading at USD 104.9/tonne and hit a mid-week high of USD 110.8/tonne on Wednesday before eventually closing at USD 109.7/tonne on Friday.
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
