ICE sugar markets hit record open interest of 2.3M contracts
Intercontinental Exchange (ICE) announced a record open interest of 2.3 million contracts for its global sugar markets on August 14, marking a 43% year-over-year increase. This surpassed the previous record set in February 2010. The record was driven by activity in ICE Sugar No. 11, the benchmark for raw cane sugar, which saw 2.2 million contracts, and ICE White Sugar, the benchmark for refined sugar, with 188,000 contracts.
Matthew Ryan, Senior Director of Soft Commodities at ICE, attributed this to evolving market fundamentals. Supply and demand shifts, a strong El Niño forecast affecting supply, and uncertainty in major producing regions prompted participants to hedge across the curve. ICE's broader agricultural complex also saw a 46% year-over-year increase in open interest, with a 28% rise in average daily volume.
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