Funds add more than 30,000 contracts to bullish bet in raw sugar
- Speculators' build on raw sugar long positions came as the sweetener was trading near a one-month high.
- S&P Global Platts said on Friday it sees consumption growing 1.5% in 2020-21 and expects prices in New York to climb to around 14.5 cents per pound.
NEW YORK: Hedge funds and money managers sharply increased their bullish bets on raw sugar futures on ICE Futures US in the week to Sept. 22, adding more than 30,000 contracts to boost their long position on the sweetener to 144,548 contracts.
According to data from the US Commodity Futures Trading Commission (CFTC) released on Friday, speculators chose to reduce their long position in arabica coffee futures, cutting 3,438 contracts for a still long position of 32,094 contracts.
Speculators' build on raw sugar long positions came as the sweetener was trading near a one-month high.
There is no consensus for price direction among analysts, but some expect sugar demand to recover in coming months after the impact from the coronavirus pandemic.
S&P Global Platts said on Friday it sees consumption growing 1.5% in 2020-21 and expects prices in New York to climb to around 14.5 cents per pound, compared to a closing on Friday of 13.03 cents.
Funds and money managers slightly increased their net long position in cotton futures in the week to Sept. 22 by 524 contracts to a total of 42,266 contracts.
They reduced their net long position in cocoa futures by 4,709 contracts to 18,069 contracts.
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