Sugar Futures Positioning and CFTC Update 5th October 2020

Jack Haslam

Last week saw a second consecutive week of good spec buying, with almost 20k lots bought and the gross spec long rising by 14.6k lots.
Despite the strengthening price, the specs didn’t buy from industrial producers; it was instead facilitated by the closing of commercial long positions.
This suggests that, with the gross commercial short around record levels, there either isn’t a great deal of sugar left to sell, or commercial producers are struggling get market access.

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