NEW YORK ( TheStreet) -- Sugar prices were rebounding Monday morning as long speculators held onto hope of more upside potential for sugar -- though their patience may be wearing thin.
"Despite the decline in sugar prices, many long speculators appear to have been slow to liquidate their long positions," said optionsXpress analysts Mike Zarembski and Rob Kurzatkowski.
"The most recent Commitment of Traders Report shows large non-commercial traders holding a net-long position of 118,862 contracts as of April 26th" -- much less than the record-long positions seen in 2008, but nevertheless a large position.
July sugar futures were rising 1.5% to 20.78 cents a pound, but were down more than 20% year-to-date on stronger supply expectations for Brazil, the world's leading sugar producer, as well as the possibility of more shipments out of India."Thailand is looking to sell nearly 177,000 metric tons of raw sugar
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