Speculators trim bullish bet in raw sugar

NEW YORK: Speculators reduced their bullish bets in raw sugar futures on ICE U.S. by more than 50,000 contracts in the week to Jan. 11, while increasing their long position in arabica coffee, the Commodity Futures Trading Commission (CFTC) said on Friday.

Money managers and hedge funds cut their net long position in raw sugar futures to only 38,068, the smallest since August 2020. Sugar futures hit a 5-1/2-month low on Monday amid better production prospects in key countries.