Sugar Futures and Market Data: 20th September 2022

Insight Focus

  • Raw sugar speculators closed short positions and opened long positions.
  • White sugar speculators continue to increase net spec position.
  • However, with the recent drop in No.5 prices the white premium has decreased but still in uptrend.

New York No.11 (Raw Sugar)

  • The No.11 has dipped below 18 after trading around 18 c/lb to 18.4 c/lb last week.
  • Raw sugar speculators had closed over 8k lots of short positions and opened 11k long positions by the 13th of September.
  • The net spec position is now around 5k lots short.
  • Consumers have closed 6k lots whilst producers added 10k lots over the same period
  • The entire No.11 forward curve is now below last week’s.

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London No.5 (White Sugar)

  • By the end of last week, the No.5 price dropped to 540USD/mt.
  • The net spec position has reached 34k lots by the end of the 13th of September, reaching new height for 2022.
  • The No.5 forward curve is now below last week’s.

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White Premium (Arbitrage)

  • The white premium dropped to114 USD/mt, following the drop in No.5 prices.
  • Even with the drop in the white premium continues to be in uptrend and should be enough for some discretionary to start increasing their raw sugar demand and start re-exporting refined sugar.
  • Like last week, the next K/K and Q/Nwhite premiums are all trading above 110USD/mt, these are unusually high this far in advance of their expiry.

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For a more detailed view of the sugar futures and market data, please refer to the data appendix below.

No.11 (Raw Sugar) Appendix

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No.5 (White Sugar) Appendix

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White Premium Appendix

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