Money Managers Boost Bets on Higher White Sugar Price by 37%
Money managers boosted bets on higher prices of white, or refined, sugar traded in London by 37 percent in the week ended July 17, according to NYSE Liffe, the derivatives arm of NYSE Euronext.
Net-long positions, or bets on higher prices, rose to 10,070 futures and options, the commitments of traders report published on the exchange’s website today showed. That compares with 7,339 contracts a week earlier, according to the data. White sugar rose 1.6 percent in the period on speculation of supplies from top grower Brazil and India will be limited.
Above-average rainfall last month in Brazil, the world’s largest producer, delayed the crop and shipments. India’s monsoon, which brings more than 70 percent of the country’s annual rainfall, was 22 percent lower than a 50-year average since June 1, the weather bureau said July 15.
In cocoa, money managers trimmed their net-long position to 42,280 futures and options from 42,914 contracts a week earlier, the data showed. Cocoa fell 5.7 percent in the period.
Money managers increased their net-long position in robusta coffee to 20,380 contracts, the data show. That compares with 19,979 futures and options a week earlier. The beans rose 3.5 percent in the period.
In feed wheat, money managers were net-long by 134 contracts compared with 129 futures and options a week earlier, according to the data. The grain climbed 4.9 percent over the five sessions.
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