Insight Focus
The No.11 raw sugar futures traded higher over the past week, getting close to 17c/lb. Producers took advantage of this and have added to their cover. Speculators have opened a large number of long positions.
New York No.11 Raw Sugar Futures
Raw sugar futures started the week at 16.5c/lb and hit close to 17c/lb on Tuesday before moving lower and closing the week at 16.4c/lb on Friday.
On the commercial side, producers have been the more active participants adding heavily to their short positions by 23k lots amidst the price strength. End-users have reduced their position by 8.5k lots of longs.
No.11 Commitment of Traders Report (August 12, 2025)
Speculators have closed out 15.5k lots of short positions, a reversal of last week’s increase in spec shorts. Speculators have increased their long positions by 20.1k lots of longs.
This brings the speculative net-short position to -115,400 lots.
No.11 Open interest
The No.11 forward curve has strengthened from May 2026 onwards.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures started the week trading at USD 474.9/tonne, increasing from here on and hitting a high of USD 489.4/tonne and eventually closing at USD 481.2/tonne on Friday.
No.5 Open Interest
The No.5 refined sugar futures curve has continued to strengthen across the board.
White Premium (Arbitrage)
The V/V white premium traded at USD 111.4/tonne on Monday, moving higher through the rest of the week hitting USD 123.9/tonne on Thursday, eventually closing at USD 118.8/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
