Insight Focus
The No.11 raw sugar futures traded below 15c/lb over the past week. The No.5 forward futures curve has strengthened across the board. The H/H white premium traded between USD 95-99.3/tonne last week.
New York No.11 Raw Sugar Futures
The raw sugar futures traded just below 15c/lb over the last week, with prices starting at 14.8c/lb on Monday, reaching a high of 14.98c/lb on Tuesday and eventually closing at 14.8c/lb on Friday.
The Commitment of Traders (COT) report is currently being released in chronological order following the end of the US federal government shutdown. However, due to the delay in the data release it will take some time for the report to reflect current market positions.
As of the COT report from October 28, consumers have continued to add to their positions heavily, extending their commercial long position by 21k lots of longs. Producers have added to their position by 4.3k lots of short positions.
No.11 Commitment of Traders Report (October 28, 2025)
Speculators have opened 21.6k lots of short positions and are now net-short in the market by -196,117 lots.
No.11 Open interest
The No.11 forward curve has strengthened between Mar’26 and Mar’27 and has mostly flattened from here onwards.
London No.5 Refined Sugar Futures
The refined sugar futures started the week at USD 421.1/tonne on Monday and hit USD 429.4/tonne on Tuesday. Prices then fell to trade between USD 425-426.2/tonne for the remainder of the week.
No.5 Open Interest
No.5 forward curve has strengthened across all contracts.
White Premium (Arbitrage)
The H/H white premium traded at USD 95.7/tonne on Monday reached a high of USD 99.2/tonne and eventually settled at USD 99.3/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.11 Open Interest
No.5 (White Sugar) Appendix
No.5 Spreads
White Premium Appendix
