Raw sugar futures were lower across the board this week, with the prompt October18 contract finishing the week below 11 USc/lb.
Price action was largely one directional all week as ‘no news’ has been perceived as a reason to continue to sell.
The numerous Thai and Brazilian producers with substantial hedging left to complete will limit any bounce, as the market gyrates in the 11–13 USc/lb range.
Macro/currency commentary
Trade wars were back into the fray in a bigger and nastier manner last week, with investors becoming more risk averse about the potential effects of a trade war.
AUD price action heated up on Wednesday after headlines claimed the US would impose additional tariffs on Chinese imports, sending the AUD sliding to 14-month lows at USD 0.7361.
In the week ahead, the RBA July meeting minutes are due out, with important employment data released on Thursday.
If QCS is the marketer for all or some of your GEI sugar and you would like to forward price online, please contact us to arrange access to the Pricing Portal.
