Sugar Rebounds as Brazil Confirms September Output Drop (15 October 2026)
Sugar recovered on Thursday, with New York raws reversing Wednesday’s loss and London whites regaining most of their decline. March 2027 raw sugar settled at 21.13 cents/lb, up 0.29 cent, or 1.39%, after trading between 20.60 and 21.22. December 2026 white sugar settled at $561.10/t, up $6.20, or 1.12%, within a $548.80–561.80 range.
Both nearby contracts traded below Wednesday’s lows before recovering to finish close to Thursday’s highs. March raws closed 0.02 cent above Tuesday’s settlement, while December whites remained $0.80/t below Tuesday. Neither contract exceeded Wednesday’s intraday high.
| Market | Thursday volume | Change from Wednesday | Latest confirmed OI: 14 October | OI change vs 13 October |
|---|---|---|---|---|
| Raw sugar | 151,072 | +0.30% | 1,192,238 | +13,094 |
| White sugar | 27,379 | −25.29% | 164,069 | +3,277 |
Raw turnover increased for a fourth consecutive session, although Thursday’s gain was marginal. White volume fell sharply, giving the London recovery less turnover than Wednesday’s decline.
The latest open-interest figures relate to Wednesday, when prices fell. Outstanding positions increased in both markets during that decline. These figures therefore cannot establish whether the rebound reflected short covering or fresh buying.
The raw March–May premium widened slightly to 0.81 cent/lb from 0.79 cent, with May settling at 20.32 cents. The March–July premium increased to 1.37 cents from 1.32 cents.
White spreads were mixed. December’s discount to March narrowed by $0.30 to $13.40/t, but its discount to May widened by $0.50 to $20.00/t. March whites settled at $574.50/t and May at $581.10/t. December improved slightly against March while continuing to lag May and later deliveries.
The matched March white-over-raw futures premium eased to $108.66/t from $109.16/t. The outright recovery therefore brought only limited improvement in nearby spreads.
