Thursday, 23 May 2019
Sugar prices struggled to trade above 12c/lb during the past week, with the July19 ICE 11 contract making its high on Wednesday at 12.06c/lb and its low on Friday at 11.43 /lb, closing the period at 11.55c/lb. There are plenty of questions about the fundamentals, but not enough answers to move prices higher just yet.
Meanwhile something went very wrong for the Aussie Dollar, with it trading in a new, lower range between 0.6892 and 0.6944, closing Monday at 0.6924. Chief among the bad news was a big miss in Australia’s employment data, with the unemployment rate higher than expected. US and China trade tension also escalated, and as a result, market volatility increased.