Insight Focus
Raw sugar futures traded between 18-19.5c/lb. Commercial participants both added to their positions. Speculators remain net short in the sugar market.
New York No.11 Raw Sugar Futures
The raw sugar futures market traded between 18-19.5c/lb over the past week, closing at 18.1c/lb on Friday.
Speculators have opened 7.5k lots of long positions and have further added to their shorts by a minimal amount, opening only 2.5k lots of short positions.
Speculators remain net short in the sugar market at –40.5k lots.
Both producers and end-users have added to their positions opening 5.8k lots of short positions and 4.8k lots of long positions respectively.
The No.11 futures curve has flattened across most of the board and is in backwardation from March’25 onwards.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures traded lower over the past week between 515-540 USD/tonne, closing at 515.8 USD/tonne on Friday.
Speculators closed out 2,500 lots of longs bringing the net spec position down to 17,900 lots.
No.5 Open Interest
The No.5 refined sugar futures curve has flattened out over the past week.
White Premium (Arbitrage)
The V/V white premium, traded lower last week between USD 115-118/tonne, closing at USD 116.8/tonne on Friday.
Many re-export refiners need around USD 105-115/tonne above the No.11 to profitably produce refined sugar. The current white premium is just above this level.
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
