I have placed an order to open on London sugar at the bottom of its recent trading range, with a tight stop and a loss-to-stop of 12bps. I will be in if the price falls back to its short-term support.

I have also brought in the stop on my cocoa position. I am very aware that I don’t have good price data on this market and some digging has shown me that London cocoa is behaving differently from the index that I can see. Loss-to-stop is now 2bps.

UPDATE: The FT has some useful charts. You can see the relevant one for cocoa here. This shows a strong uptrend and tells me I am wrong. I am holding on to the position because I am effectively in for free — thanks to luck.

UPDATE 2: My order has been filled and I am long March 2010 London sugar.