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Barchart
Barchart
Rich Asplund

Dollar Weakness Sparks Short Covering in Sugar Futures

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

March NY world sugar #11 (SBH25) today is up +0.37 (+2.05%), and March London ICE white sugar #5 (SWH25) is up +12.20 (+2.58%).

Sugar prices today are moderately higher 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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