• QCS Market Report 9 August 2018 9 August 2018

    Sugar

    • The global surplus remains at the forefront for the sugar market.
    • There is potential to see the lower end of 10.50 USc/lb, but at what point do we bounce?
    • Ethanol parity is seemingly capping the market out at 12 cents.
    • Risk, as has been the case for the majority of this year, remains to the downside.

    Macro/currency commentary

    • Despite the trade war being played out by the US and China, the AUD keeps bouncing off USD 0.7350.
    • There remains no good new news for the AUD, as it gyrates in the USD 0.7350–0.7450 range.
    • Domestic data more recently has been positive, with the RBA keeping rates on hold this week.
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