For week ended October 29, small and large speculators were long by more than 195,000 contracts in New York, according to the U.S. Commodity Futures Trading Commission. Sugar prices fell more than 5 percent during that final week of October and speculators pulled down bullish bets by well more than 4 percent, according to the news source.
"The report shows that the non-index speculative net-long position was still high at 195,000 lots, a reduction of only around 9,000 from the previous week," states a Thursday report authored by senior trader Nick Penney with Sucden Financial Ltd. in London, according to Bloomberg. "This is perhaps the reason for the early weakness today following from yesterday's fall through the 50-day moving average at 18.17 cents a pound."
At 9:22 a.m. on Thursday, sugar futures fell 0.77 percent, a 0.0014-cent slip to 0.1796 cents per pound.
Reuters reports Santos, the world's biggest sugar port, is recovering from a damaging fire that impacted trade and commerce of the sweetener when the fire broke out last month.
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