Insight Focus
The No.11 raw sugar futures expire this week. End-users added heavily to their positions, while speculators reduced long positions in favour of shorts.
New York No.11 Raw Sugar Futures
The No. 11 raw sugar futures have traded sideways over the past week, closing at 15.87 c/lb last Friday, and have held near this level since the market opened today.
The commercial participants have been active in the past week, with end-users increasing their long position by 25.2k lots, while producers reduced their shorts by 7.1k lots.
No.11 Commitment of Traders Report (September 23, 2025)
Speculators trimmed 8.4k longs and added 10.4k shorts, leaving the net short position at -169,874 lots.
No.11 Open interest
The No.11 forward curve has strengthened across the entire board.
London No.5 Refined Sugar Futures
Similar to the No.11, the No.5 refined sugar futures has also traded sideways in the past week, hovering around USD 464/tonne.
No.5 Open Interest
The No.5 forward curve also lifted across the board.
White Premium (Arbitrage)
With both the No.11 and No.5 making similar moves, the H/H white premium has remained steady, and is currently trading between USD 92-94/tonne.
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
