Sugar producers across the market have enjoyed the recent lift in sugar prices over the past two weeks. After trading at prompt life-of-contract lows, the soon-to-expire October18 contract staged a rally, seeing it above 11 USc/lb.
In India, the government is yet to provide an export policy, but in an election year, it seems inevitable it will do all it can to incentivise exports.
Friday night’s Commitment of Traders (COT) report stunned many as the specs moved to a record 188,738 lots net short.
A bumpy ride for the AUD over the past week, oscillating through USD 0.7160–0.7230.
The RBA met on Tuesday, leaving rates on hold as expected. The accompanying statement (which was the main focus for most) maintained a neutral stance, without mentioning the highly publicised independent rate increases passed on by local banks
The AUD opened higher on Friday, before gains were pared back on firming US data on Friday night.