• QCS Market Report February 2021 8 March 2021

    Sugar

    • The volatility in sugar price action followed that of macro sentiment, commodities¬†and equities.
    • With very little fundamental news to hand, specs continue to push the market around following the macro environment.
    • The recently expired March 21 contract settled at 17.53 USc/lb.
    • Green Pool Commodity Specialists’ latest trade flows predict a small move from surplus to deficit through until Q4 2021.

    Macro/currency commentary

    • The reflation story helped lift the AUD to 24-month highs above USD 0.80 over the past month, before being evaporated in all but two sessions.
    • Firming equities and commodity prices were the narratives driving USD weakness.
    • Bond yields followed the same path as equities and commodities, though have been less talked about.
    • A breakout of key new highs sent traders into a flurry and the AUD lower.
    • The AUD may move higher again, given the current outlook for the economic recovery and positive local news.
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