Higher energy prices are incentivizing Brazilian mills to divert sugarcane toward ethanol production instead of sugar. Combined with India potentially becoming a net importer, this creates a significant supply-demand imbalance that could drive sugar prices much higher, especially as large speculators are just starting to turn bullish.
Copper speculative positioning has reset from an extreme through time (sideways price action), not a price breakdown, while physical fundamentals remained strong (falling Chinese inventories, rising import premiums). With the COT signal score back to 75 and room to rebuild positions, copper is entering a breakout attempt with healthy underlying support.