Insight Focus
The raw sugar futures and refined sugar futures traded lower over the past week. End-users have added to their positions heavily as prices fell. Speculators have closed out a large number of long positions.
New York No.11 Raw Sugar Futures
Raw sugar futures traded lower last week, settling at 15.6c/lb on Friday after starting the week at 16.4c/lb.
End-users continued adding to their cover heavily with prices moving lower, as they increased their commercial long position by 16k lots of longs. Producers opened a smaller volume of short positions at just 1.5k lots of shorts.
By contrast, speculators have closed out a large number of long positions at 10.5k lots of longs and have further increased their short position by 6.8k lots of shorts.
No.11 Commitment of Traders Report (September 2, 2025)
This has brought the speculative net-short position to -149,759 lots.
No.11 Open interest
The No.11 forward curve has weakened across the board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures have moved lower over the past week as it opened at USD 502.1/tonne at the start of the week before closing at USD 478.5/tonne on Friday.
No.5 Open Interest
The No.5 forward curve, has also weakened across the board although the front-month Oct’25 contract remains well above the nearby contracts.
White Premium (Arbitrage)
The V/V white premium weakened over the past week starting the week at USD 141.2/tonne as it then drifted lower to hit a mid-week low of USD 131/tonne on Wednesday and eventually closed at USD 135.7/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
