• QCS Market Report March 2021 30 March 2021

    Sugar

    • Since the expiry of the Mar–21 contract some weeks ago, the new prompt May–21 contract has traded sideways in the 15.50–16.50 USc/lb range.
    • Fundamentally, there have been very few new inputs for the sugar market other than crop updates.
    • Brazil remains the key focus for sugar prices going forward.

    Macro/currency commentary

    • The AUD pulled back nearly 4% of gains, which saw it trade above three-year highs at USD 0.80.
    • However, price action since then has underwhelmed, with rising treasury yields, a drop in equities and concerns about higher inflation keeping the market at bay.
    • Attempts to break USD 0.78 continue to be rejected with technical resistance and demand.
    • Locally, the economic data flows and demand for natural resources continue to float the AUD and are key to providing forward guidance.
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