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SUGAR UPDATE July Sugar made life-of-contract lows (just) at the end last week falling below 12c, although has failed to stay under that level, rallying back to 12.30 on Monday night. At the end of trading last week the Commitment of Traders (CoT) report was released showing the specs had turned from a small long position into a medium-sized short in the space of a week. Lower volumes and lack of producer interest suggests this group of investors was the majority of the selling last week. It is hard to see signifi...

SUGAR UPDATE Sugar remains in a state of flux, waiting for a clarity over a number of factors which can only be resolved through time. Producers are continuing to sit at and above the market in the hope of better prices to lock in, commercial buyers are sitting at or below the market, bringing forward demand to capture lower prices. The current swing factor has been the spec position, which has turned a small long at 13.60 into a large short position in the low 11c. Following the release of the Commitment of Trade...