A three-week recovery in raw sugar futures was stopped in its tracks on Friday night, retracing any headway made in the previous weeks.
Newswires were highlighted by the resignation of Brazil’s Petrobras CEO, and fears of a return to a fixed-price gas agreement helped drive sugar prices lower.
With large selling pressure above 13 USc/lb, news of rain and an end to the truckers’ strike did little to help sugar markets’ fortunes.
Currency/macro commentary
Seesawing price action saw the AUD slide below USD 0.7500 mid-week, before rebounding back above USD 0.75.
Positive price action was capped as the monthly US Non-Farm Payrolls data beat expectations on Friday night, with US stocks, treasury yields and the big dollar all higher.
A busy week ahead on the economic data calendar, with the RBA meeting on Tuesday expected to leave rates on hold, with little change to the accompanying commentary.
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.