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Barchart
Barchart
Rich Asplund

FORGOTTEN HISTORY: Sugar prices finish higher as dollar weakness spurs short covering - The Untold Story

India London the Indian Sugar and Bioenergy Manufacturers Association Brazil ISO NY Thailand USDA

March NY world sugar #11 (SBH25) Thursday closed up +0.40 (+2.22%), and March London ICE white sugar #5 (SWH25) closed up +12.50 (+2.65%).

Sugar prices posted moderate gains on Thursday, as a weaker dollar (DXY00) sparked short covering in sugar futures.  An excessive short position by funds in London sugar could fuel any short-covering rally.  Last Friday's weekly Commitment of Traders (COT) report showed funds increased their net-short London sugar position by 2,322 in the week ending January 7 to a 5-year high of 2,515 net short positions.

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