SUGAR UPDATE
The action of the fund/speculative community has been the key driver of the sugar market at different times, and has been the especially the case recently. The large push from the Sept lows to Dec highs was a reversal of a large short position into a large long position. A deteriorating macro environment (oil under pressure, China worries, Japan going to negative rates) halted the push higher and left these longs vulnerable. The sell off through Jan ended with the specs being close to zero, although...
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