Sugar #11 Oct '18 (SBV18)
Sugar #11 Futures Market News and Commentary
October NY world sugar #11 (SBV26) on Thursday closed down -0.41 (-2.76%), and October London ICE white sugar #5 (SWV26) closed down -6.20 (-1.35%).
Sugar prices extended this week’s sharp losses on Thursday and fell to 2.5-week lows. An improvement in India’s monsoon rains is weighing on sugar prices. India’s Meteorological Department reported on Wednesday that India’s cumulative monsoon rainfall was 23% below normal as of July 15, a substantial improvement from 42% below normal on June 30.
An excessively long position in London ICE sugar by funds can exacerbate any price downturn. Last Friday’s weekly Commitment of Traders (COT) data showed funds boosted their long positions in ICE London white sugar by +10,368 in the week ended July 7 to a record 58,131 net-long positions (data from 2011).Â
Sugar prices have rallied sharply over the past three weeks, with NY sugar posting a 2-month nearest-futures high last Wednesday and London sugar posting a 10.25-month hig... Read more
Barchart · 8 minutes ago
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October NY world sugar #11 (SBV26 ) on Thursday closed down -0.41 (-2.76%), and October London ICE white sugar #5 (SWV26 ) closed down -6.20 (-1.35%)....
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